MinterEllison has made a submission to Treasury on its Token Mapping Consultation Paper. It includes the following recommendations:

• adoption of a definition of crypto assets that better aligns with international standards;
• crypto assets should be categorised into means of exchange, investment, utility and hybrid tokens to enable each type of token to be properly regulated; and
• crypto assets should be recognised as property.

MinterEllison supports regulation of the crypto ecosystem that is agile, fit for purpose, protects consumers and encourages innovation. We also believe that a well-regulated crypto market in Australia has the potential to promote Australia as a global hub for the fintech sector.

Please contact our specialists below if you have any questions about our submission, or wish to stay in touch and track progress on regulation of the crypto sector. We have a strong commitment to working with Treasury and the industry to establish a sensible regulatory framework.