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Australian crypto entrepreneur and investor Fred Schebesta has described the Australian authorities’s prioritization of token mapping as “great,” however warns that dashing it might result in detrimental results on the financial system.

Schebesta’s feedback come after Australian Treasurer Jim Chalmers launched a statement on Aug. 22 stating that the “treasury will prioritize token mapping work” in 2022 to indicate how “crypto property and associated companies ought to be regulated.”

Talking to Cointelegraph, Schebesta believes Australia already has a “fledgling” crypto business however must “align with the opposite main markets and their laws.”

Schebesta added that the “intricacies” of token mapping aren’t clear, and “issues are altering as properly.”

Schebesta is an Australian entrepreneur and investor — finest generally known as the co-founder of Finder, an Australian comparability web site. Schebesta can also be a co-founder of crypto funding fund Hive Empire Capital and an advisor for Balthazar, an NFT gaming platform.

He defined that if “we rush” — the token mapping train might flip away crypto corporations, notably if there is a “very completely different strategy” to different nations.

Schebesta confused that it is not the time to “rush it out,” however take the time “to only take it simple and actually, actually do some deeper evaluation.”

The token-mapping announcement from Australia’s new Labor authorities came three months after it came into power, breaking an extended silence on how it will strategy crypto regulation within the nation.

On the time, Treasurer Chalmers stated the federal government wished to reign in on the “largely unregulated” crypto sector.

“Because it stands, the crypto sector is essentially unregulated, and we have to do some work to get the steadiness proper so we are able to embrace new and modern applied sciences,” he stated. 

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

Whereas many within the business lauded the announcement as an “vital step” for the business, some had been upset that there the nation was not “additional alongside” the trail to regulatory certainty. 

Australian lawyer Liam Hennessy, associate at Gadens informed Cointelegraph that Australia has been on the “forefront of the crypto developments,” however worries that the nation is “slowly falling behind the U.Okay. and U.S.” because of failure to create rules for these “within the crypto business, particularly these in monetary companies.”

Hennessy believes that whereas token mapping is significant, it should not be the first focus for regulators. 

“It ought to be secondary to truly creating some tax guidelines and laws round licensing that we can provide to our companies that basically want to listen to it to allow them to compete with our international opponents.”

He fears that Australia is falling into the lure of “pondering that a bit little bit of consideration from the federal government will remedy the issues,” which he believes that the token mapping train “to some extent, is being considered as.”

Schebesta stated he spoke at a senate listening to in 2021 the place he highlighted “Australia would have an enormous inflow of latest companies […] as a result of it is a protected, steady, and great regulatory place to build their business,” including that “tens of hundreds” of jobs could be created “within the subsequent two to 3 years.”