{"id":495245,"date":"2022-09-23T03:00:22","date_gmt":"2022-09-23T00:00:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/rushing-token-mapping-could-hurt-aussie-crypto-space-finder-founder\/"},"modified":"2022-09-23T03:00:22","modified_gmt":"2022-09-23T00:00:22","slug":"rushing-token-mapping-could-hurt-aussie-crypto-space-finder-founder","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/rushing-token-mapping-could-hurt-aussie-crypto-space-finder-founder\/","title":{"rendered":"# Rushing \u2018token mapping\u2019 could hurt Aussie crypto space \u2014 Finder founder"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a262236f21bc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a262236f21bc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/rushing-token-mapping-could-hurt-aussie-crypto-space-finder-founder\/#%E2%80%9D_Rushing_%E2%80%98token_mapping_could_hurt_Aussie_crypto_space_%E2%80%94_Finder_founder_%E2%80%9C\" >&#8221; Rushing \u2018token mapping\u2019 could hurt Aussie crypto space \u2014 Finder founder    &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Rushing_%E2%80%98token_mapping_could_hurt_Aussie_crypto_space_%E2%80%94_Finder_founder_%E2%80%9C\"><\/span>&#8221; Rushing \u2018token mapping\u2019 could hurt Aussie crypto space \u2014 Finder founder    &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMWVlZWM1MDEtNmY5ZC00YWRlLWIwZjctY2MwNGZjMTU3NjAxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Australian crypto entrepreneur and investor Fred Schebesta has described the Australian government&#8217;s prioritization of token m<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing as \u201cwonderful,\u201d but warns that rushing it could lead to detrimental effects on the economy.<\/p>\n<p>Schebesta&#8217;s comments come after Australian Treasurer Jim Chalmers released a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ministers.treasury.gov.au\/ministers\/jim-chalmers-2022\/media-releases\/work-underway-crypto-asset-reforms\">statement<\/a> on Aug. 22 stating that the \u201ctreasury will prioritize token mapping work&#8221; in 2022 to show how \u201ccrypto assets and related services should be regulated.\u201d<\/p>\n<p>Speaking to Cointelegraph, Schebesta believes Australia already has a \u201cfledgling\u201d crypto industry but needs to \u201calign with the other major markets and their regulations.\u201d<\/p>\n<p>Schebesta added that the &#8220;intricacies\u201d of token mapping are not clear, and &#8220;things are changing as well.&#8221;<\/p>\n<p>Schebesta is an Australian entrepreneur and investor \u2014 best known as the co-founder of Finder, an Australian comparison website. Schebesta is also a co-founder of crypto investment fund Hive Empire Capital and an advisor for Balthazar, an NFT gaming platform.<\/p>\n<p>He explained that if \u201cwe rush\u201d \u2014 the token mapping exercise could turn away crypto companies, particularly if there&#8217;s a \u201cvery different approach\u201d to other countries.<\/p>\n<p>Schebesta stressed that it&#8217;s not the time to &#8220;rush it out,\u201d but take the time \u201cto just take it easy and really, really do some deeper analysis.\u201d<\/p>\n<p>The token-mapping announcement from Australia&#8217;s new Labor government came three months after it came into power, breaking a long silence on how it would approach crypto regulation in the country.<\/p>\n<p>At the time, Treasurer Chalmers said the government wanted to reign in on the\u00a0\u201clargely unregulated\u201d crypto sector.<\/p>\n<p>\u201cAs 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,&#8221; he said.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Australia\u2019s new government finally signals its crypto regulation stance<\/em><\/strong><\/p>\n<p> While many in the industry lauded the announcement as an &#8220;important step&#8221; for the industry, some were disappointed that there the country was not &#8220;further along&#8221; the path to regulatory certainty.\u00a0<\/p>\n<p>Australian lawyer Liam Hennessy, partner at Gadens told Cointelegraph that Australia has been at the &#8220;forefront of the crypto developments,\u201d but worries that the country is &#8220;slowly falling behind the U.K. and U.S.\u201d due to failure to create rules for those \u201cin the crypto industry, in particular those in financial services.\u201d<\/p>\n<p>Hennessy believes that while token mapping is vital, it shouldn&#8217;t be the primary focus for regulators.\u00a0<\/p>\n<blockquote><p>&#8220;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.\u201d<\/p><\/blockquote>\n<p>He fears that Australia is falling into the trap of \u201cthinking that a little bit of attention from the government will solve the problems,\u201d which he believes that the token mapping exercise &#8220;to some extent, is being viewed as.\u201d<\/p>\n<p>Schebesta said he spoke at a senate hearing in 2021 where he highlighted \u201cAustralia would have a huge influx of new businesses [&#8230;] because it&#8217;s a safe, stable, and great regulatory place to build their business,\u201d adding that \u201ctens of thousands\u201d of jobs would be created \u201cin the next two to three years.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/rushing-token-mapping-could-hurt-aussie-crypto-space-fintech-founder\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Rushing \u2018token mapping\u2019 could hurt Aussie crypto space \u2014 Finder founder &#8220; Australian crypto entrepreneur and investor Fred Schebesta has described the Australian government&#8217;s prioritization of token mapping as \u201cwonderful,\u201d but warns that rushing it could lead to detrimental effects on the economy. Schebesta&#8217;s comments come after Australian Treasurer Jim Chalmers released a statement&#8230;<\/p>\n","protected":false},"author":1,"featured_media":495246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMWVlZWM1MDEtNmY5ZC00YWRlLWIwZjctY2MwNGZjMTU3NjAxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74894,74863,74892,20358,117,71511,70934],"class_list":["post-495245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-blockchain","tag-cryptocurrencies","tag-tokens","tag-australia","tag-business","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=495245"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/495246"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=495245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=495245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=495245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}