Australia opened its taxonomy of crypto assets for public consultation. On Feb. 3, the Australian Treasury released a consultation paper on token mapping. The Treasury declared the paper was a foundational step in the government’s multistage reform agenda to regulate the market. Based on the functional and technology-neutral method, the paper proposes several fundamental definitions for all things crypto.
At the first level, the paper outlines the key concepts of crypto networks, crypto tokens, and smart contracts. According to the Treasury’s vision, a crypto network is a distributed computer system capable of hosting crypto tokens. Its primary function is to store information and process user instructions. The next significant step of a national regulatory discussion will come with a release of a similar paper on the possible licensing and custody framework for crypto in mid-2023.
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