The Australian Treasury announced the creation of a new regulatory framework for cryptocurrencies

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New Australian officials criticized their predecessors, who lost the May election, for failing to create a legislative framework covering the entire crypto industry.

The Australian Treasury announcedplan to create a regulatory framework for the crypto industry, which officials say will be more thoughtful than those existing anywhere else in the world.

A key feature of the regulation will bemapping of tokens, that is, analysis of tracking the movement of digital money from the developer to users and beyond. This, the Treasury says, will allow it to assess the nuances of trends in Australian crypto markets in order to best determine how crypto assets and related services should be regulated.

“The previous government dealtregulation of crypto assets without understanding what exactly it regulates. The new cabinet is taking a more serious approach to figuring out what's in the ecosystem and what risks need to be considered first,” said Australia's Chief Treasurer Jim Chalmers.

The official says the new approach willmore subtle than that of his predecessor, who promised to “bring the crypto industry to light.” In May, the previous cabinet, including the former treasurer, lost their seats in the government following parliamentary elections.

According to Chalmers, the upcoming bills will advance work on licensing the industry, control the custody of crypto assets and provide additional guarantees to consumers.

Earlier, the Central Bank of Australia announced that, together with the Corporate Research Center for Digital Finance, it was launching a pilot project to study options for the practical use of CBDC.