HomeCryptoRegulation of Cryptocurrency in Australia in 2024 – Forbes Advisor Australia

Regulation of Cryptocurrency in Australia in 2024 – Forbes Advisor Australia

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Regulatory Perimeter Shape Defined by 2023 Token Mapping: Industry Experts Share Insights

The recent token mapping exercise in 2023 has sparked discussions among industry experts and government officials about the regulation of digital assets in Australia. Steve Vallas, Managing Director of Blockchain APAC, believes that token mapping has helped define digital assets and determine whether they should be classified as financial products. This clarity is crucial for exchanges and industry stakeholders to understand their obligations and risks.

Nick Abrahams, a digital transformation expert, supports the government’s focus on regulating exchanges to protect consumers from potential risks. He emphasizes the need to differentiate between regulated and unregulated tokens to safeguard investors. Similarly, Loretta Joseph, a global authority in digital asset regulation, highlights the importance of compliance and governance in light of recent industry turmoil.

The government’s regulatory stance, as outlined by Stephen Jones, emphasizes the need for targeted regulation of entities holding Australians’ digital tokens, such as crypto exchanges. This approach aims to provide clarity and oversight without stifling innovation in the crypto industry. Joseph also advocates for global alignment on virtual asset standards to ensure consistency across jurisdictions.

Overall, the discussions around token mapping and regulatory priorities reflect a growing recognition of the need for clear guidelines and safeguards in the rapidly evolving digital asset landscape. As the industry continues to mature, collaboration between regulators, industry stakeholders, and global standard-setters will be essential to ensure a secure and thriving crypto ecosystem.

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