{"id":547328,"date":"2023-02-03T15:11:29","date_gmt":"2023-02-03T12:11:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/australia-introduces-classification-for-crypto-assets\/"},"modified":"2023-02-03T15:11:29","modified_gmt":"2023-02-03T12:11:29","slug":"australia-introduces-classification-for-crypto-assets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/australia-introduces-classification-for-crypto-assets\/","title":{"rendered":"# Australia introduces classification for crypto assets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26244fe4a63\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26244fe4a63\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/australia-introduces-classification-for-crypto-assets\/#%E2%80%9D_Australia_introduces_classification_for_crypto_assets_%E2%80%9C\" >&#8221; Australia introduces classification for crypto assets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Australia_introduces_classification_for_crypto_assets_%E2%80%9C\"><\/span>&#8221; Australia introduces classification for crypto assets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNTQyMjZmZTYtMDZiZC00MGFjLWFiNGItNTY4OTcxZDZmYmM3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Following the global regulatory race, Australia opened the public consultation on its own taxonomy of crypto assets. The national regulators propose to distinguish four major types of products related to the crypto industry.\u00a0<\/p>\n<p>On Feb. 3, the Australian Treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/treasury.gov.au\/consultation\/c2023-341659\">released<\/a> a consultation paper on \u201cToken M<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing,\u201d announcing it as a foundational step in the Government\u2019s multi\u2011stage reform agenda to regulate the market. It seeks to inform \u201ca fact\u2011based, consumer conscious and innovation-friendly\u201d approach to policy development.<\/p>\n<p>The paper, based on the \u201cfunctional\u201d and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>-neutral method, proposes a number of basic definitions for all the things crypto. <\/p>\n<p>At the first level, it outlines the key concepts of \u2018crypto networks,\u2019 \u2018crypto tokens,\u2019 and \u2018smart contracts.\u2019 According to the Treasury\u2019s vision, a crypto network is a distributed computer system capable of hosting crypto tokens. Its primary function is to store information and process user instructions. The paper cites Bitcoin (BTC) and Ethereum (ETH) as the two most well-known public crypto networks. <\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>Australia bolsters crypto watchdogs in \u2018multi-stage\u2019 plan to fight scams<\/em><\/strong><\/p>\n<p>A \u2018crypto token\u2019 is defined as a unit of digital information that can be \u2018exclusively used or controlled\u2019 by a person who doesn\u2019t administer the host hardware where that token is recorded. The concept of \u2018exclusive use and control\u2019 is a key distinguishing factor between crypto tokens and other digital records, according to the paper. <\/p>\n<p>A \u2018smart contract\u2019 goes as the computer code that has been published to a crypto network\u2019s database. It involves inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ries or agents performing functions pursuant to promises or other arrangements or functions being performed by crypto networks in the absence of promises, intermediaries and agents. <\/p>\n<p>Starting from these simple definitions, a paper proposes its taxonomy of four types of crypto-related products: <\/p>\n<ol>\n<li>Crypto asset services, which include lending and borrowing, fiat on\/off ramping, crypto token trading, funds management, mining\/staking-as-a-service, gambling, and custody. <\/li>\n<li>Intermediated crypto assets, which are the closest to a wide-spread definition of tokens: rights or licenses in relation to event access or subscriptions, intellectual property, reward programs, consumer goods and services, fiat money, non-financial assets, and government bond coupons. This class includes stablecoins. <\/li>\n<li>Network tokens \u2014 a \u201cnew type of currency\u201d constituting peer-to-peer payment infrastructure. Think of your original BTC. <\/li>\n<li>Smart contracts exist on a spectrum from \u2018intermediated\u2019 to \u2018public.\u2019 The former is used by intermediaries in providing a service; the latter is used by parties to remove the need for an intermediary. <\/li>\n<\/ol>\n<p>While the paper proposes to start the discussion on this taxonomy and doesn\u2019t provide any legislative initiatives, its authors anticipate a relatively easy tailoring of existing laws for a large portion of the crypto ecosystem. It is the pockets of the ecosystem where functions are being ensured by the public, self-service software, which could demand the creation of a brand-new legislative framework. <\/p>\n<p>The Treasury will wait for feedback up until March 3. The next major step of a national regulatory discussion will come with a release of a similar paper on the possible licensing and custody framework for crypto in mid-2023. <\/p>\n<p>On Feb.1, His Majesty\u2019s Treasury of the United Kingdom published its consultation paper for the crypto regulation as well. In it, the financial authority emphasized the lack of necessity in the separate legislation, given the capacity of the existing Financial Services and Markets Act to cover digital assets. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/australia-introduces-crypto-assets-classification\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Australia introduces classification for crypto assets &#8220; Following the global regulatory race, Australia opened the public consultation on its own taxonomy of crypto assets. The national regulators propose to distinguish four major types of products related to the crypto industry.\u00a0 On Feb. 3, the Australian Treasury released a consultation paper on \u201cToken Mapping,\u201d announcing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/54226fe6-06bd-40ac-ab4b-568971d6fbc7.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75434,74892,20358,70934],"class_list":["post-547328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-smart-contracts","tag-tokens","tag-australia","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=547328"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547329"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}