After the global regulatory competition, Australia began to conduct a public consultation on the classification of encrypted fixed assets in Australia. China's regulatory authorities propose to distinguish between the four major products related to the password industry.

On February 3, the Australian Ministry of Finance released an understanding document on "token projection", which was also a basic step in the multi-stage reform and innovation agenda of the regulatory market. It looks for ways to provide "objective facts as the carrier, customer concepts and innovation-friendly" for government decision-making.

According to the method of "function" and technology neutrality, several basic definitions of the code of heaven and earth are put forward.

In the first perspective, it summarizes the key concepts of cryptographic networks, password tokens, and intelligent contracts. According to the vision of the Ministry of Finance, the cryptographic network is a distributed system computer software that can host password tokens. Its main function is to store information and process customer commands. To quote Bitcoin and Tai Fong as the two most well-known public encryption networks.

An encrypted token is defined as a unit of electronic information, which needs to be "applied or controlled by an exclusive agent" by a host hardware configuration that does not manage the token. According to this paper, the concept of "exclusive application and control" is a key element that distinguishes password tokens from other digital records.

Intelligent contracts are like computer code published to the database of a password network. It involves the function, intermediary and entrusted agent carried out by the cryptographic network according to the service pledge or other distribution or procedure flow without commitment.

Considering some simple definitions, four categories of password-related products are given:

1. Encrypted property services mainly include lending and borrowing, legal access to steep slopes, encrypted token trading, capital allocation, mining / bargaining as a service, gambling and escrow.
2. Intermediary companies encrypt property, which is very close to universally defined tokens; powers or licenses related to activity browsing or subscription, patents, incentive schemes, commodities and services, currency in circulation, non-financial assets and zero-coupon bonds. This category contains smooth coding.
3. Network tokens-make up the P2P payment infrastructure to build a "new currency". Think of your original BTC (BTC).
4. Intelligent contracts range from "intermediary company" to "publicity". The intermediary company uses the former to provide help; the latter is used by the defendant to remove the need for the intermediary company.

Although this paper proposes to explore this classification gradually and does not provide any legal advocacy, its creators estimate that it is easier to modify current laws and regulations for a large part of the cryptographic ecosystem. It is in the pocket of the ecosystem that the role is guaranteed by the public self-service terminal mobile software, which may also require the establishment of a new legal framework.

The Ministry of Finance will wait for feedback by March 3. The latter important process discussed by national management will release a similar document in 2023 to explore the approval and escrow structure of encryption possibilities.

On February 1st, his Majesty's Treasury Department of the United States also issued a password regulatory information document. In the statement, the financial industry government focused on the lack of importance of independent laws because the existing Financial Services and Market Act contains digital monetary capabilities.