The Australian Treasury’s token mapping of digital belongings will undertake a “tech agnostic” and “principles-based” method with a view to outline crypto belongings, in line with a Treasury official.

Chatting with Cointelegraph on June 26 on the Australian Blockchain Week, Trevor Energy, an Australian Treasury Assistant Secretary mentioned the framework might be structured to simply classify tokens primarily based on their “perform” and “function.”

“The token mapping paper spends quite a lot of time speaking in regards to the token, the system, the worth delivered for the very function of attempting to construction no matter regulation such that it attracts on these rules so then a token will be positioned inside that,” Energy mentioned, including:

“It is attempting to be tech agnostic. It isn’t attempting to be token particular.”

Energy mentioned “it’s honest to imagine” crypto-specific laws will seem someday in 2024 — however that it finally depends upon how it’s obtained by Australia’s lawmakers.

Crypto belongings that change their perform and utility over time will possible be topic to evaluation, in line with Energy.

“In the event that they turn into very important […] Then they are going to graduate by means of the regulatory system.”

He pressured the token mapping regulation will have to be “sturdy” with a view to function in a “tech-neutral” and “principles-based method” to account for such adjustments.

The Australian Treasury’s Trevor Energy talking at Australian Blockchain Week 2023. Supply: Cointelegraph.

The Treasury considers token mapping to be important to perceive how the crypto ecosystem interacts with Australia’s present monetary regulatory frameworks.

Energy mentioned the token mapping train hasn’t been influenced by the latest parade of regulatory enforcement motion by the US Securities Change Fee (SEC).

As an alternative, Energy hopes a crypto framework will fall nearer on the “spectrum” to the European Union’s Markets in Crypto Belongings (MiCA) regulation.

Associated: Speeding ‘token mapping’ might damage Aussie crypto area — Finder founder

Energy additionally welcomed U.S. and overseas digital asset corporations to contemplate the Australian market — offered they abide by the token mapping framework, which intends to strike a stability between innovation and client safety:

“There are two arms to each part of regulation. One is to make it possible for that framework is there, and the second is to ensure there’s room for business to develop and be revolutionary.”

The Treasury carried out a session course of between Feb. 3 and March 3, which got here roughly six months after the token mapping framework was launched on Aug 22.

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