The Australian authorities have issued a consultation document on the comparison of tokens and asked interested parties to submit their ideas by March 3, 2023. Prime Minister Anthony Albanese announced the initiative shortly after taking office in August 2022, replacing the Scott Morrison administration. At the time, he stated his intention to "pay more attention to understanding the crypto ecosystem and the risks associated with it".
Angela Angi from the analytical company TRM Labs, specialising in blockchain analytics, said that the document describing the compliance of tokens is the first of its kind issued by any government.It was created to identify and compare the actions and features of digital currency products with the current policies of the Australian regulator. Singapore's former regulator said that the document could provide some clarification on basic cryptocurrency principles compared to what is already in effect in Australia; however, how it would deal with the decentralised finance (DeFi) sector remains unclear.
The consultation document reveals plans for global regulation of digital currencies. Authorities plan to publish a special document in mid-2023 outlining licensing and custody rules for crypto-assets. The step is seen as the next step in virtual asset reform in Australia. The upcoming document is expected to detail the operational standards and obligations of service providers, as well as how to measure the security of digital asset storage. Moreover, Australia also intends to complete the CBDC pilot project in 2023.