DECA members hold essential discussions on cryptocurrency regulation with Australian government leaders.

The Digital Economy Council of Australia (DECA, formerly known as Blockchain Australia) recently participated in two significant events aimed at shaping the future of cryptocurrency regulation in Australia. On July 11th, DECA members attended a dinner with Shadow Treasurer Hon Angus Taylor MP, and on July 16th, they joined Treasurer Hon Dr. Jim Chalmers MP and Dr. Andrew Charlton MP for lunch.

The opinions and concerns of DECA’s members were heard thanks to these engagements, which offered a forum for the free exchange of ideas.

Managing Director of DECA Amy-Rose Goodey stated, “DeCA continues to foster bipartisan collaboration within the Australian political landscape as part of its commitment to being the leading body for Australia’s digital economy.”

Fit-for-purpose legislation is the top issue for industry participants, according to our latest research, which was presented at Blockchain Week last month. As a member-focused organization, we are committed to hearing what our members have to say and offering special chances for proactive participation in regulatory discourse. These sessions served as evidence of that dedication.

“We are happy that the change was accepted by our members and that productive conversations occurred,” Ms. Goodey continued.

As the Chair of Parliamentary Friends of Blockchain and Federal Member for Parramatta, Dr. Andrew Charlton MP stated: “Blockchain technology has the potential to transform Australia’s economy, adding up to $60 billion annually.” It is unmatched in its capacity to improve efficiency, trust, and transparency in industries including finance, healthcare, and logistics.

Dr. Charlton emphasized the necessity for a contemporary regulatory system that protects consumers while fostering innovation, employment, and investment.

More stories

DECA members hold essential discussions on cryptocurrency regulation with Australian government leaders.

July 23, 2024

“In the digital economy, Australia’s advantages as a regional financial center must be utilized. To fully realize the potential of blockchain technology for Australia, he continued, concerted action and cooperation between the government and industry are crucial to building digital skills and luring IT talent.

But in contrast to the rest of the globe, Caroline Bowler, CEO of the well-known domestic bitcoin exchange BTC Markets, voiced reservations about Australia’s legislative progress.

“We’re still playing catch-up locally, but it’s clear from my recent travels to Southeast Asia, Europe, and the US this year that financial services globally have advanced in the crypto and digital assets space,” Ms. Bowler said.

“As a homegrown exchange, we note that we need to look at offshore markets, taking skills, intellectual property, and investment overseas, in order for Australian businesses to grow and seize the opportunities present globally.”

The government officials there acknowledged these worries and admitted that the Australian economy would suffer from such a result. They were open to suggestions from the business to prioritize digital financial services while keeping the current legislative agenda in mind.

The Treasury’s October 2023 proposal document, “Regulating Digital Asset Platforms,” which calls for regulating Digital Asset Service Providers under the Australian Financial Services License (AFSL), has the support of Jackson Zeng, CEO of bitcoin brokerage Caleb and Brown.

The overwhelming consensus among members of Digital Asset Service Providers is that millions of Australian consumers continue to place the greatest focus on managing custody risk. Mr. Zeng stated that “minimum standards for holding assets” and “additional standards for token holders” should be prioritized for legislative legislation to solve this main problem.

The CEO of DigitalX, an ASX-listed fund manager that specializes in cryptocurrencies, Lisa Wade, expressed optimism in the wake of the recent engagements.

“After these talks, I am more optimistic that the government is paying attention and understands our importance to Australia’s economy, which is headed toward digitalization. It became evident to me that to get over major capacity barriers, industry cooperation with the government is required.

“What was inspiring to me is that there is a pathway for partnership. I believe DECA can live up to its new name and drive the work forward by assisting the government in drafting the legislation we need,” said Ms. Wade.

A recent survey conducted by Protocol Theory and commissioned by DECA revealed that fit-for-purpose regulation was “extremely important” to 57% of respondents and “very important” to an additional 31%. This highlights the crucial need for Australia to advance its legislative framework to ensure the growth and sustainability of its digital economy.