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Rushing ‘token mapping’ could hurt Aussie crypto space — Finder founder

Australian crypto entrepreneur and investor Fred Schebesta has described the Australian government’s prioritization of token mapping as “great”, but warns that rushing could hurt the economy. increase.

Chevesta’s comments follow Australia’s Treasury Secretary Jim Chalmers in a statement on August 22, stating that “the Treasury Department will prioritize token mapping work in 2022” and that “what will happen to crypto assets and related services?” It was issued after showing the

Speaking to Cointelegraph, Chevesta said Australia already has a “fledgling” cryptocurrency industry, but believes it will need to “align itself with other major markets and their regulations.”

Schebesta added that the “complexity” of token mapping is not clear and that “things are changing”.

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

He explained that token mapping exercises could alienate cryptocurrency companies if “we rush”, especially if they have a “very different approach” to other countries.

Chevesta emphasized that now is the time to take time to “take it easy, really, really, do deeper analysis” rather than “hurry it up.”

Australia’s new Labor government’s token mapping announcement comes three months after it took office, breaking a long silence on how it will approach the country’s cryptocurrency regulation.

At the time, Treasury Secretary Chalmers said the government wanted to dominate the “barely regulated” cryptocurrency sector.

“As it stands, the crypto sector is largely unregulated and some work needs to be done to strike the right balance so that it can embrace new and innovative technologies.

Related: Australia’s new government finally announces stance on cryptocurrency regulation

While many in the industry hailed the announcement as an “important step” for the industry, others were disappointed that the road to regulatory certainty was “not further”.

Liam Hennessey, an Australian attorney who is a Gadens partner, told Cointelegraph that Australia is “at the forefront of cryptocurrency development” but is “lagging behind the UK and US”. is doing. The crypto industry, especially the financial services industry. ”

Hennessy believes that while token mapping is essential, it should not be the primary focus of regulators.

“It is secondary to actually creating some tax rules and regulations on licensing that we can give to our businesses that really need to hear it to be able to compete with our global competitors. It should be meaningful.”

He fears that Australia has fallen into the trap of “thinking that a little attention from the government will solve the problem,” and that token mapping exercises are “to some extent viewed as such.” I think.

Chevesta said he emphasized during a Senate hearing in 2021 that “we will see a massive influx of new business into Australia.” […] Because it is a safe, stable and good regulated place to build a business. ”