Australia's new government has formed an opinion on the regulation of cryptocurrencies

Various jurisdictions have expressed their opinions on cryptocurrencies in general in recent months, but the government has been slow to regulate them.

According to the recommendations given by the Australian Senate in a report, there has been a proposal to do a mapping of tokens. If Jim Chalmers, the Australian Treasurer, is to be believed, this decision was among the 12 recommendations.

The crypto industry as a whole welcomed the development. The token mining test will be implemented by the end of 2022. It will bridge the gap between policy makers and regulators. Jim stressed the need for crypto regulation to remove uncertainty.

There is also talk of granting a VASP licence to various crypto-assets that are non-financial services providers. There will be a review of DAO protection and structure so that investors of this type of platform can be protected.

"At the moment, the crypto industry is not regulated. We need to introduce regulation before we adopt new technologies," Chalmers said.

Furthermore, BTC Markets CEO Caroline Bowler added that this would help regulators form a proper framework for regulating cryptocurrencies. However, RMIT Blockchain Innovation Hub senior lecturer Dr Aaron Lane said that token mapping is a delaying tactic on the part of the government.