Australia’s token mapping to be ‘tech agnostic,’ says Treasury official
Trevor Power hopes the framework will fall closer on the “spectrum” to the EU’s MiCA, as opposed to the current regulatory position in the U.S.
The Australian Treasury’s token mapping of digital assets will adopt a “tech agnostic” and “principles-based” approach in order to define crypto assets, according to a Treasury official.
Speaking to Cointelegraph on June 26 at the Australian Blockchain Week, Trevor Power, an Australian Treasury Assistant Secretary said the framework will be structured to easily classify tokens based on their “function” and “purpose.”
“The token mapping paper spends a lot of time talking about the token, the system, the value delivered for the very purpose of trying to structure whatever regulation such that it draws on those principles so then a token can be placed within that,” Power said, adding:
“It's trying to be tech agnostic. It's not trying to be token specific.”
Power said “it’s fair to assume” crypto-specific legislation will appear sometime in 2024 — but that it ultimately depends on how it is received by Australia’s lawmakers.
Crypto assets that change their function and utility over time will likely be subject to review, according to Power.
“If they become very significant [...