Key report findings:
- In 2021, the cryptocurrency and digital asset sector will contribute $2.1bn to Australian economy and employ around 11,600 people.
- With reform and growth, this could increase to a contribution of $68.4bn and employment of over 200,000 Australians by 2030.
Sydney, Australia and New York City, USA — December 14th, 2021 — Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce the release of a report on ‘Cryptocurrency and The Distributed Digital Economy in Australia.’
Mawson engaged EY (formerly Ernst & Young) to examine the economic impact of Australia’s cryptocurrency and digital asset sector. This was in response to the Senate Committee report entitled “Australia as a Financial and Technology Centre Final Report”. The report highlighted the opportunity which cryptocurrencies, blockchain and the digital economy could have on Australia both now and into the future.
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 $2.1 billion to the Australian economy, employ 11,600 people, may reduce electricity price volatility and assist in the transition to renewable energy. The EY analysis indicates that by 2030 the impact could be $68.4 billion to the Australian economy and employ in excess of 200,000 people.
James Manning, CEO and Founder of Mawson, said, “Digital assets and infrastructure are critical ingredients to Australia’s digital and economic future. We are at a crossroads. As an industry, we desperately need a fit-for-purpose policy and regulatory framework to provide greater security and certainty to consumers and the crypto industry.”
“The Bragg Report [Click Here] recommendations, in particular, represent a significant coming together of industry, regulators and government. The Bragg recommendations, if adopted, will revolutionise the Australian crypto sector and improve consumer protection, therefore driving innovation, confidence and growth in the sector,”
EY Oceania Strategy & Transactions Partner, Steve Brown said: Overall, our analysis finds that the cryptocurrency and digital asset sector could provide significant economic benefits to the Australian economy moving forward, but that Australia does not yet have fit-for-purpose regulatory systems to promote certainty for new businesses, investors and consumers in the digital asset space.
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.
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: mawsoninc.com
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 SEC on March 1, 2021 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.