Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31

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Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6

Published Feb 06, 2023 03:10PM ET Updated Feb 06, 2023 04:40PM ET

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Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6

The U.K. outline of the future financial services regulatory regime for crypto covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens and initial coin offerings. And it’s certainly good news for the industry, as the upcoming regulation doesn’t propose a ban on algorithmic stablecoins or excessive requirements on data sharing for digital asset operators.

The Australian consultation paper on “token mapping” is a foundational step in the government’s multistage reform agenda to regulate the market. Based on the “functional” and technology-neutral method, the paper proposes several basic definitions for all things crypto. Its taxonomy of four types of crypto-related products includes crypto asset services, intermediated crypto assets, network tokens and smart contracts.

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