Economy

Australia’s Blockchain Ecosystem Needs More Support From Regulators, Industry Body

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According to Steve Vallas, CEO of law firm Blockchain Australia, Australia’s blockchain and cryptocurrency companies need more support from the federal government and regulators to increase confidence in the country’s business sector.

Speaking to the Senate Financial Technology and Regulatory Technology Selection Committee on Thursday, Vallas said that Australia has a blockchain “base” that could accelerate development, and that its establishment is now “pointing” that technology is something people should “invest”. . “

Pointing out Australia’s lack of blockchain innovation in the past few years, Vallas said this has not harmed the country’s ecosystem. However, he said, “I think we need more signals from Regulators … that they are willing to discuss this with people who are well informed about it.”

The Senate Committee is currently assessing the potential of blockchain technology in the commercial and government environment, following the launch of the country’s National Blockchain Roadmap in February last year. The roadmap, announced through the Ministry of Industry, Science, Energy and Resources, sets out the prospects for a national strategy aimed at capturing the value of the blockchain for business-related activities.

Vallas said that some financial authorities around the world such as the EU, the UK and the US provide more guidance to businesses looking to use or promote blockchain and digital assets, especially in the banking sector.

“These signals are largely absent in the Australian market,” said regulators such as the US Currency Supervisory Office telling banks that they can store crypto assets and that cryptocurrency companies should be banking.

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