Finder CEO Says Rushing Token Mapping Could Turn Away Crypto Companies
Fred Schebesta, a crypto entrepreneur and investor from Australia, best known as one of the co-founders of the Australian comparison site Finder, called the Australian government’s priority on token mapping “wonderful,” but warned that rushing it could harm the economy.
In addition, Schebesta is the co-founder of the crypto investment fund Hive Empire Capital, as well as an advisor to the platform Balthazar, which engages in NFT gaming.
Now It’s Not The Time To Rushing Out, Finder CEO Says
He made his comments after Australian Treasurer Jim Chalmers announced on Aug. 22 that the government would prioritize token mapping projects in 2022 to demonstrate how crypto assets should be regulated.
During an interview with Cointelegraph, Schebesta says Australia already has a burgeoning crypto industry, but has to align its regulations to match other major markets.
The “intricacies” of token mapping are unclear, and “things are changing as well.”, Schebesta stated.
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As he explained, rushing the token mapping exercise could send crypto companies away, especially if the approach differs from other countries.
Labor’s announcement came three months after it came into power, breaking a long silence on how it planned to regulate cryptos.
Treasury Secretary Chalmers spoke at the time about regulating the “largely unregulated” crypto industry.
He said, “As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies,” he said.
Australia Has Become The Forefront of The Crypto Developments
Despite lauding the announcement as an “important step” for the industry.
Some in the industry were disappointed that there was no further progress being made towards regulatory certainty.
Cointelegraph spoke with Australian lawyer Liam Hennessy, a partner at Gadens, who said Australia has been at the forefront of crypto developments, but fears that it is lagging behind the UK and US due to a lack of rules governing the crypto industry, in particular financial services.
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“It should be secondary to actually creating some tax rules and regulations around licensing that we can give to our businesses that really need to hear it so they can compete with our global competitors,” said Hennessy.
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