Feb 04, 2023
Australia Launches Crypto Taxonomy Consultation
Australia is joining the global regulatory race as it opens public consultation on its own taxonomy of crypto assets. On Feb. 3, the Australian Treasury released a consultation paper on “token mapping”, which is a foundational step in the government’s multi-stage reform agenda to regulate the market. It seeks to inform “a fact‑based, consumer conscious and innovation-friendly” approach to policy development.
The paper proposes several basic definitions for all things crypto. It outlines the key concepts of crypto networks, crypto tokens and smart contracts, citing Bitcoin and Ethereum as the two most well-known public crypto networks. A crypto token is defined as a unit of digital information that can be “exclusively used or controlled” by a person who doesn’t administer the host hardware where the token is recorded. A smart contract is computer code published to a crypto network’s database.
The paper then proposes its taxonomy of four types of crypto-related products: crypto asset services, intermediated crypto assets, network tokens and smart contracts. Crypto asset services include lending and borrowing, fiat on/off ramping, crypto token trading, funds management, mining/staking-as-a-service, gambling and custody. Intermediated crypto assets are the closest to a wide-spread definition of tokens, and include stablecoins. Network tokens are a “new type of currency” constituting peer-to-peer payment infrastructure. Smart contracts exist on a spectrum from “intermediated” to “public.”
The paper proposes to start the discussion on this taxonomy and doesn’t provide any legislative initiatives. The treasury will wait for feedback up until March 3. The next major 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.
The UK’s Financial Services and Markets Act has the capacity to cover digital assets, and thus the UK’s HM Treasury has published its consultation paper for the crypto regulation.
The use of Non-Fungible Tokens (NFTs) is becoming increasingly popular in the web3 space, and with it, the need for NFT promotion and marketing. NFT marketing is a relatively new and complex field, requiring specialized knowledge and experience. As such, many companies are turning to NFT marketing agencies for assistance.
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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
