On October 16, Australia's Treasury Department published its proposed "Regulation of Digital Asset Platforms" and is seeking feedback from leaders and organizations in the Digital Assets industry. Metex is at the forefront of innovation with its platform for trading tokenized precious metals, and we are excited to participate by crafting our proposal for the future of the Web3 industry.
The innovative Metex platform
Metex offers an advanced trading platform that allows its users to buy, sell or exchange both cryptocurrencies and tokenized precious metals. Although in Australia precious metals are considered "non-financial assets" under current law receiving differential treatment compared to financial assets, and digital asset exchanges do not currently have a formalized regulatory framework to operate, we believe this is a great opportunity to establish clear norms.
We believe that tokenization of real-world assets, such as precious metals, can provide users with new access opportunities that were previously only reserved for a small group of people. In addition, having clear regulations creates a favorable and healthy environment for both consumers and companies in the Fintech sector in general, providing a broader framework of transparency.
In this context, Metex is preparing its formal proposal to be able to participate in the construction of new horizons that benefit the entire ecosystem.
The need for healthy regulations
Since the asset tokenization and Web3 industry is very new, the sector has often been labeled as a kind of "Wild West" without clear regulations or guarantees, which has sometimes allowed malicious actors to act. At Metex, we believe that there is a need to generate clear and healthy norms to promote greater transparency and security for all our users. As a digital platform, we are pioneers in incorporating rules to protect our users, such as the KYC process enabled in our system.