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Australian Government Outlines a ‘Token Mapping Exercise’ to Inform Crypto Regulation

Daily Market Wrap

  • Crypto market cap: 1.02 trillion, up 0.13%

  • BTC price stands at USD 21,293, down 0.55%

  • ETH price stands at USD 1,620, up 1.23%

  • Top gainer: Chiliz (CHZ), up 21.09%

  • Top loser: Celsius (CEL), down 20.05%

News of the Day

Why it matters:

  • Australia’s Labor government will undertake a token mapping exercise this year in order to help shape its regulatory approach on crypto

  • The exercise will push government officials to attempt to define the various types of digital assets and bring them under an appropriate regulatory framework

  • Overall, the exercise, which formed one of the 12 recommendations in a Senate inquiry report last year, is expected to help identify how crypto assets and crypto-related services should be regulated

  • The Labor government hopes that the token mapping exercise will be an important step to bridge the significant education gap between regulators and policymakers

Crypto Daily Spotlight

Brief introduction: Tornado Cash is a “mixer” protocol that allows users to send cryptocurrency using their own wallets and receive it back through different addresses. It is used by some as a legitimate way to protect their privacy, but has also been a tool used by various hackers in the past.

Why it matters:

  • A gathering of over 50 crypto and security advocates gathered in Amsterdam’s Dam Square on Saturday to protest the arrest of a suspected Tornado Cash developer, Alexey Pertsev; over 1,950 people have signed a petition protesting the arrest of Pertsev

  • On August 12, Pertsev was captured by Dutch experts in the Netherlands just two days after the US government sanctioned Tornado Cash

  • Last week, the Fiscal Information and Investigation Service (FIOD) in the Netherlands disclosed more information about the arrest, saying that Pertsev is accused of concealing criminal financial flows and facilitating money laundering through Tornado Cash

  • Pertsev’s wife Xenia Malik helped to organise the demonstration, which advocates for developers’ right to write open-source code

Daily Sector Tracker

Daily News Roundup

  • FTX Revenue Surged 1,000% to $1 Billion Last Year

  • Indonesia Rakes in Nearly $6.8 Million Per Month From Fintech and Crypto Transaction Taxes

  • Indian-Based Rusk Media Raises $9.5 Million For Blockchain-Based UGC Gaming

  • Celsius Spent Over $40 Million on Crypto Mining in First Two Weeks after Filing For Bankruptcy

  • Ronin Hackers Transferred Stolen Funds From ETH to BTC and Used Sanctioned Crypto Mixer Tornado Cash

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