Australia: Opened consultation on Token Mapping

On 3 February 2023, the Australian Treasury opened a consultation on Token Mapping until 3 March 2023. This initiative is part of the government’s multi‑stage approach to ensure the regulation of crypto assets protects consumers. Token mapping is intended to enable the identification of the key activities and functions of products in the crypto ecosystem and a shared understanding of Australian financial regulatory context for crypto assets. The consultation paper is structured in five sections: Part A sets out key background information about token mapping; Part B outlines the essential concepts required to understand the crypto ecosystem; Part C describes how the existing financial services framework applies to a large part of the crypto ecosystem; Part D describes how some elements of the crypto ecosystem challenge the assumptions underlying existing Australian regulatory frameworks; and Part E summarises the conclusions and outlines next steps.