Aus DeFi Association - Token Mapping

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Aus DeFi Association - Token Mapping - Community Responses

This is a collation of the feedback from the community on the recent Token Mapping consultation paper (C2023-341659-CP) that's just come out from Commonwealth Treasury - see https://treasury.gov.au/consultation/c2023-341659.

We will collate these responses and use them to form a response from the Aus DeFi Association where some responses may be quoted or grouped into other answers. We will credit all who contribute (where answers are not deemed invaluable or offensive).

Email *

What is your name or organisation name? (we use this information to also add to the list of contributors when we collate - if you leave this blank we will not include your name in the submission)

Do you think the token mapping consultation is a positive step for web3/crypto?

Yes

Clear selection

What are your thoughts on regulation - are you: *

Very Positive - this is a good thing

Somewhat positive - this is good but depends on the regulation

Somewhat negative - this will do more harm than good

Negative - can't see how this will work

Indifferent - token mapping, shmoken tapping

How much of the Token Mapping CP (Consultation Paper) have you read? *

All of CP including annexures/reference links

All of CP but only some of annexures/reference links

CP only

Part of CP only

Not read it

This next set of questions are what was asked in the consultation paper from Treasury

Q1 - What do you think the role of Government should be in the regulation of the crypto ecosystem?

Q2 - What are your views on potential safeguards for consumers and investors?

Q3 - Scams can be difficult for some consumers to identify.

A) Are there solutions (e.g. disclosure, code auditing or other requirements) that could be applied to safeguard consumers that choose to use crypto assets?

B) What policy or regulatory levers could be used to ensure crypto token exhanges do not offer scam tokens or more broadly, prevent consumers from being exposed to scams involving crypto assets?

Q4 - The concept of ‘exclusive use or control’ of public data is a key distinguishing feature between crypto tokens/crypto networks and other data records.

A) How do you think the concepts could be used in a general definition of crypto token and crypto network for the purposes of future legislation?

B) What are the benefits and disadvantages of adopting this approach to define crypto tokens and crypto networks?

Q5 - This paper sets out some reasons for why a bespoke ‘crypto asset’ taxonomy may have minimal regulatory value.Untitled Title

a) What are additional supporting reasons or alternative views on the value of a bespoke taxonomy?

b) What are your views on the creation of a standalone regulatory framework that relies on a bespoke taxonomy?

6) Some intermediated crypto assets are ‘backed’ by existing items, goods, or assets. These crypto assets can be broadly described as ‘wrapped’ real world assets

A) Are reforms necessary to ensure a wrapped real‑world asset gets the same regulatory treatment as that of the asset backing it? Why? What reforms are needed?