Feb 04, 2023
Australia Launches Crypto Taxonomy Consultation
The global regulatory race is in full swing and Australia is the latest to join the fray. On Feb. 3, the Australian Treasury released a consultation paper on “Token Mapping”, which is the first step in the Government’s multi-stage reform agenda to regulate the crypto market. The paper seeks to inform a consumer-conscious and innovation-friendly approach to policy development.
The paper proposes four major types of products related to the crypto industry. At the first level, it outlines the key concepts of crypto networks, crypto tokens and smart contracts. A crypto network is a distributed computer system capable of hosting crypto tokens. Bitcoin and Ethereum are two of the most well-known public crypto networks.
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 where the token is recorded. A smart contract is computer code published to a crypto network’s database.
The paper proposes a taxonomy of 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 include rights or licenses in relation to event access or subscriptions, intellectual property, reward programs, consumer goods and services, fiat money, non-financial assets and government bond coupons. Network tokens are a “new type of currency” constituting peer-to-peer payment infrastructure. Smart contracts exist on a spectrum from “intermediated” to “public.”
The paper proposes to start the discussion on this taxonomy and anticipates a relatively easy tailoring of existing laws for a large portion of the crypto ecosystem. It is the pockets of the ecosystem where functions are being ensured by the public, self-service software, which could demand the creation of a brand-new legislative framework. The treasury will wait for feedback up until March 3.
The United Kingdom also recently published its consultation paper for the crypto regulation. In it, the financial authority emphasized the lack of necessity in the separate legislation, given the capacity of the existing Financial Services and Markets Act to cover digital assets.
The crypto industry is rapidly evolving, and with it the need for effective marketing and promotion. NFTs (non-fungible tokens) are a great way to promote and market a project or brand. NFTs are unique digital assets that are stored on a blockchain and can be used to represent a variety of assets such as art, music, and collectibles.
NFTs are becoming increasingly popular and are being used by companies to promote their projects and brands. NFTs can be used to create unique experiences, such as virtual events, virtual concerts, and virtual meetups. They can also be used to create digital collectibles, such as rare art pieces, that can be sold to fans and collectors.
NFT marketing is a great way to engage with potential customers and build a loyal fan base. Companies can use NFTs to offer rewards to their customers, such as exclusive access to virtual events or discounts on products. NFTs can also be used to create unique experiences, such as virtual concerts and virtual meetups.
Twitter is a great platform for NFT marketing, as it allows companies to reach a wide audience. Companies can create unique NFTs that can be used to promote their projects and brands. They can also use Twitter to promote their NFTs, offering incentives such as discounts or exclusive access to virtual events.
NFT marketing agencies can help companies create and promote their NFTs. These agencies can help companies create unique NFTs, as well as promote them on various platforms, such as Twitter. They can also help companies create campaigns to sell their NFTs, as well as provide advice on how to best use NFTs to promote their projects and brands.
Web3 agencies are also a great option for companies looking to promote their products and services. Web3 agencies specialize in blockchain and cryptocurrency marketing, and can help companies create and promote their NFTs. They can also help companies create campaigns to sell their NFTs, and provide advice on how to best use NFTs to promote their projects and brands.
The global regulatory race is in full swing, and with it comes the need for effective marketing and promotion of projects and brands. NFTs are a great way to promote and market a project or brand, and companies can use NFTs to create unique experiences and digital collectibles. NFT marketing is a great way to engage with potential customers and build a loyal fan base, and companies can use Twitter to promote their NFTs. NFT marketing agencies and Web3 agencies can help companies create and promote their NFTs, as well as create campaigns to sell their NFTs.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.