Web3 Voices
This is a submission to the Treasury's token mapping consultation paper.

I'm an industry member and I have read the Treasury's Token Mapping Consultation Paper

I’m concerned at the direction of the treasury consultation and that it is heading towards an outcome which is not something I agree with.

Below I set out my views on certain issues which I hope will be considered by Treasury in setting policy and regulations around crypto-assets.
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Which option/s describe you?
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What country are you from?
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I support the introduction of a dedicated government agency to propose/implement/administer a fit-for-purpose and light touch regulatory and tax regime for web3 projects involving token(s) where those tokens may include a financial element but that is not the primary purpose of the token.
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I don't think it's appropriate to regulate all web3 token projects with tangential or secondary financial elements as financial products. The compliance burden imposed on web3 businesses - from issuer through to those deemed "dealing in" (s766C Corps Act) the token will kill web3 innovation in Australia.
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I support new laws for custody of tokens by centralized intermediaries. The events of 2022 show it's important to protect retail investors who rely on such providers. I also recognize autonomous protocols act differently to centralized intermediaries. DeFi protocols are not custody providers. They should not be regulated as if they are.
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I support new laws for centralized intermediaries (and NOT autonomous protocols) that facilitate activities like staking, investing, lending and borrowing.
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I support new laws for centralized intermediaries (and NOT autonomous protocols) that operate market platforms for trading of tokens.
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I STRONGLY DISAGREE with the Assistant Treasurer's view that all crypto-assets should be licensed as financial products under existing laws. The compliance burden is incommensurate with risk posed. Whether compliance is even possible has not been properly explored.
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I would stay in or move to Australia if:
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I have moved away from Australia or have thought about moving away because
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By pressing submit you will be emailing and sharing the information you provided above to the Australian Treasury as a response to the Token Mapping Consultation and a copy of your response will be stored, and the aggregate results may be shared with Treasury.
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