Rushing ‘token mapping’ could hurt Aussie crypto space — Fintech founder cryptomarketbag Blockchain update

Australian crypto entrepreneur and investor Fred Shebesta described the Australian government’s priority of token mapping as “amazing”, but warned that doing it too quickly could have a detrimental effect on the economy.

Shebesta’s remarks come after Australian treasurer Jim Chalmers was released Statement It stated on 22 August that “the Treasury will prioritize token mapping work” in 2022 to show “how crypto assets and related services should be regulated.”

Speaking to Cointelegraph, Shebesta believes that Australia already has a “nascent” crypto industry, but “needs to align with other major markets and their regulations.”

Shebesta said the “intricacies” of token mapping are not clear, and that “things are changing as well.”

Schebesta is an Australian entrepreneur and investor – best known as the co-founder of Finder, an Australian comparison website. Schebesta is also the co-founder of crypto investment fund Hive Empire Capital and an advisor to the NFT gaming platform, Baltazar.

He explained that if “we hurry” – the token mapping practice could turn crypto companies away, especially if there is a “very different approach” to other countries.

Shebesta stressed that this is not the time to “rush it,” but take the time “just to take it easy and really, do some really deep analysis.”

The token-mapping announcement from Australia’s new Labor government comes three months after it came to power, breaking a long silence on how it would crypto regulation in the country.

At the time, Treasurer Chalmers said that the government wanted to rule the “largely unregulated” crypto sector.

“As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance so that we can adopt new and innovative technologies,” he said.

related: Australia’s new government finally signals its crypto regulation stance

While many in the industry lauded the announcement as a “significant step” for the industry, some were disappointed that there was no “forward” path to regulatory certainty in the country.

Gaidance’s partner Australian lawyer Liam Hennessy told Cointelegraph that Australia has been “at the forefront of cryptocurrency development”, but there are concerns that the country is “gradually falling behind the UK and US” by failing to lay down rules for those Because of “in” the crypto industry, especially in financial services.”

Hennessy believes that token mapping is important, but it should not be a primary focus for regulators.

“It should really be secondary to creating some tax rules and regulations around the licenses that we can give to our businesses that really need to hear it so they can compete with our global competitors.”

He fears Australia is falling into the trap of “thinking that a little bit of government attention will solve the problems,” which he believes is being seen as a token mapping exercise “to some extent.” Is.”

Shebesta said she spoke at a Senate hearing in 2021, where she highlighted that “Australia will have a huge influx of new businesses […] Because it’s a safe, stable and great regulatory place to build their business,” it said, adding that “in the next two to three years” thousands of jobs will be created.

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