Treasury official Australia’s token mapping to be tech agnostic.

An official from the Australian Treasury has stated that the Treasury’s token mapping of digital assets will be “tech agnostic” and “principles-based” in order to define crypto assets. Trevor Power, an Australian Treasury assistant secretary, said that the framework will be structured to classify tokens based on their function and purpose. The token mapping paper will draw on principles to classify tokens, regardless of their technology. Power said that it is fair to assume that crypto-specific legislation will appear sometime in 2024, depending 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. The Treasury considers token mapping to be essential to understanding how the crypto ecosystem interacts with Australia’s existing financial regulatory frameworks. Power hopes a crypto framework will fall closer on the “spectrum” to the European Union’s Markets in Crypto Assets (MiCA) regulation. The Treasury conducted a consultation process between Feb. 3 and March 3, which came roughly six months after the token mapping framework was introduced on Aug 22.