The Australian Treasury plans to adopt a tech agnostic, principles-based approach to defining crypto assets in its token mapping of digital assets, aiming to classify tokens based on function and purpose. Assistant Secretary Trevor Power hopes for crypto-specific legislation by 2024, emphasizing that the regulation should be robust, tech-neutral, and principles-based to accommodate future changes.
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Navigating Crypto Regulations: Binance Australia’s Unfolding Narrative Amid Trials and Triumphs
“Binance Australia faces regulatory challenges and halted transactions due to high scam risks. Despite this, they remain committed to working with local authorities and resuscitating services for their customers. The Australian Treasury seeks to establish a token classification framework by 2024, marking a significant step towards a regulated crypto market.”
Blockchain Australia Takes On Crypto Scams: Balancing Freedom and Regulation for Safe Use
Blockchain Australia’s new CEO, Simon Callaghan, is rallying Australia’s banks, government, and the local crypto community to combat rising cryptocurrency scams. The Australian Government is significantly investing in reducing scams, with National Anti-Scam Centre playing a crucial role. Blockchain Australia is now focusing on scam prevention by examining data from cryptocurrency exchanges to share fraud prevention best practices.