Hasty 'token mapping' could hurt the Australian crypto space
Australian cryptocurrency
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Hasty 'tokenmapping' could hurt the Australian crypto space
Australiancrypto entrepreneur and investor Fred Shebesta described the Australiangovernment's priority of token mapping as "amazing", but warned thatdoing it too quickly could have a detrimental effect on the economy. Shebesta'sremarks came after Australian Treasurer Jim Chalmers issued a statement inAugust.
22 said thatin 2022 “the Treasury will prioritize token mapping work” to show “howcrypto assets and related services should be regulated.” Shebesta believesthat Australia 22 said that in 2022 “the Treasury will prioritize token mappingwork” to show “how crypto assets and related services should be regulated.”Shebesta believes that Australia.
Schebesta isan Australian entrepreneur and investor – best known as the co-founder ofFinder, an Australian comparison website. Schebesta is also the co-founder ofcrypto investment fund Hive Empire Capital and an advisor to Baltazar, anon-fungible token (NFT) gaming platform. At the time, Treasurer Chalmers saidthat the government wanted to rule the “largely unregulated” cryptosector.
“As itstands, the crypto sector is largely unregulated, and we need to do some workto get the balance so that we can adopt new and innovative technologies,” he said. The announcement washowever lauded by many in the industry as a "significant stepforward". As for the industry, some were disappointed that the countrywas not "ahead" of regulatory certainty there.
Australianlawyer Liam Hennessy, a partner at Gaddens, Australia has been "at theforefront of cryptocurrency development", but there is concern thatthe country is "gradually lagging behind the UK and the US". “Dueto the failure to create regulations for those in the crypto industry,particularly those in financial services.”
He fearsAustralia is falling into the trap of "thinking that a little bit ofgovernment attention will solve the problems," which he believes isbeing seen as a token mapping exercise "to some extent."
Schebestasaid he spoke at a senate hearing in 2021 where he highlighted that “Australiawould have a huge influx of new businesses because it's a safe, stable, andgreat regulatory place to build their business,” adding that “tens ofthousands” of jobs would be created “in the next two to three years.”
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