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Law Council of Australia

Business Law Section

Token Mapping—Consultation Paper

The Financial Services Committee and the Digital Commerce Committee of the Business Law Section of the Law Council of Australia (the Committees) prepared a submission in response to the Consultation Paper dated February 2023 issued by Treasury and titled “Token Mapping” (the Consultation Paper).

The Committees support:

(a) the comprehensive token mapping exercise undertaken by Treasury and set out in the Consultation Paper; and

(b) a regulatory approach that balances the opportunities of the crypto ecosystem alongside prudent risk management, while being informed by international approaches to crypto ecosystem regulation.

The Committees acknowledge and agree that:

(a) the Consultation Paper does not address all the risks of investing in crypto assets, but maps the ecosystem against specific portions of the financial services regulatory framework; and

(b) a complete overview of the crypto ecosystem is beyond the scope of this submission.


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