Feb 04, 2023
Australia Launches Crypto Taxonomy Consultation
The Australian Treasury has released a consultation paper on “token mapping” as part of the government’s multi-stage reform agenda to regulate the crypto industry. The paper proposes a “functional” and technology-neutral method to distinguish four major types of products related to the crypto market.
At the first level, the paper outlines the key concepts of crypto networks, crypto tokens, and smart contracts. A crypto network is a distributed computer system that stores information and processes user instructions. The two most well-known networks are Bitcoin and Ethereum. A crypto token is a unit of digital information that can be “exclusively used or controlled” by a person who doesn’t administer the host hardware. Smart contracts are computer codes published to a crypto network’s database.
The paper proposes four types of crypto-related products: crypto asset services, intermediated crypto assets, network tokens, and smart contracts. Crypto asset services include lending and borrowing, fiat on/off ramping, crypto token trading, funds management, mining/staking-as-a-service, gambling, and custody. Intermediated crypto assets are tokens, rights or licenses in relation to event access or subscriptions, intellectual property, reward programs, consumer goods and services, fiat money, nonfinancial assets, and government bond coupons. Network tokens are a “new type of currency” constituting peer-to-peer payment infrastructure. Finally, smart contracts exist on a spectrum from “intermediated” to “public.”
The Treasury will wait for feedback up until March 3. The next major step of a national regulatory discussion will come with a release of a similar paper on the possible licensing and custody framework for crypto in mid-2023.
The global regulatory race has opened up a wealth of opportunities for crypto businesses. NFTs, in particular, are becoming increasingly popular, with crypto businesses using NFTs to promote their products and services. NFTs provide businesses with a unique way to engage with their customers, and there are a variety of ways to use them. For example, businesses can use NFTs to create exclusive digital items, such as digital art, music, and videos, that customers can purchase and own. Businesses can also use NFTs to create promotional campaigns, such as giveaways and contests.
NFTs can also be used to reward customers for their loyalty, or to create loyalty programs. Businesses can also use NFTs to create unique experiences, such as virtual concerts and events. Additionally, businesses can use NFTs to create digital collectibles, such as trading cards or memorabilia.
To maximize the potential of NFTs, businesses should consider working with a web3 agency or NFT marketing agency. These agencies can help businesses create and manage NFT campaigns, as well as provide guidance and advice on how to use NFTs to promote their products and services. Additionally, these agencies can help businesses leverage social media, such as Twitter, to spread the word about their NFTs and increase their visibility.
The global regulatory race has opened up a wealth of opportunities for businesses looking to use NFTs to market their products and services. With the right strategy and the help of a web3 agency or NFT marketing agency, businesses can use NFTs to create unique experiences, reward customers, and create digital collectibles. By leveraging social media platforms, such as Twitter, businesses can increase the visibility of their NFTs and reach a larger audience. Ultimately, businesses can use NFTs to increase their brand awareness and generate more sales.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.