Mawson Releases Report on Cryptocurrency and the Distributed Digital Economy in Australia
Mawson Infrastructure Group (NASDAQ:MIGI) released a report on the economic impact of Australia's cryptocurrency sector. The report emphasizes that in 2021, this industry contributed
- 2021 economic contribution of $2.1 billion and 11,600 jobs.
- Projected growth to $68.4 billion contribution and over 200,000 jobs by 2030.
- Lack of a fit-for-purpose regulatory framework in Australia.
Key report findings
-
In 2021, the cryptocurrency and digital asset sector will contribute
to the Australian economy and employ around 11,600 people.$2.1b n -
With reform and growth, this could increase to a contribution of
and employ over 200,000 Australians by 2030.$68.4b n
Mawson engaged EY (formerly
Mawson believes that cryptocurrencies and related digital assets will help shape Australia’s future economy and sees enormous potential in this industry to drive long-term economic value.
The report found that in 2021, digital assets will contribute
“The Bragg Report [Click Here] recommendations, in particular, represent a significant coming together of industry, regulators and government. The Bragg recommendations, if adopted, will revolutionize the Australian crypto sector and improve consumer protection, therefore driving innovation, confidence and growth in the sector.”
EY Oceania Strategy & Transactions Partner,
“Well-designed standards, robust regulation and the right policy settings will be needed to drive innovation while managing unfamiliar services and providing proper safeguards. This will be pivotal to unlocking benefits to businesses and consumers as financial markets become more dispersed, more digital and more crypto-intensive.”
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the
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FAQ
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