Australia releases ‘token mapping' crypto classification system to guide regulation Cryptocurrencies
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“Crypto assets are not excluded or ‘carved out’ from Australia’s financial services regulatory framework,” they wrote. “Any product will be a financial product if it falls within the function perimeter or meets one of the specific definitions of financial product – regardless of its technological underpinnings.”Crypto networks – Defined as “a distributed computer system capable of hosting crypto tokens,” these are the “platforms on which crypto tokens and ‘smart contracts’ are recorded.
It then applies a token mapping framework based on three key concepts: tokens, token systems and functions, which “can be used to consider the various products within the crypto ecosystem” and to assess them against the functional perimeter.Intermediated token systems, which “typically involve a promise or arrangement for functions to be performed by intermediaries or agents.” These contain:
Network tokens – These are “essential components of any public crypto network.” They are created by the network itself to reward specific network participants who contribute to ensuring all participants agree to the same database. These include BTC, and LTC, and “are not designed to host the types of smart contracts considered in this paper.”
The government continues to favor fitting crypto into the existing financial framework, however. Stephen Jones, Australia’s Financial Services Minister, reinforced his earlier statements about regulating cryptocurrencies as financial products in an interview with the Sydney Morning Herald published on Jan. 23.
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