According to Steve Vallas, CEO of Blockchain Australia advocacy group, blockchain and cryptocurrency companies in Australia need more support from the federal government and regulators to build confidence in the country’s corporate sector.
Vallas told the Senate Committee on Financial Technology and Regulatory Technology Thursday that Australia has a blockchain base from which to accelerate development and that his organization is now “signaling” that technology is something people “should invest in” . ”
Pointing out Australia’s lack of blockchain innovation in recent years, Vallas said it hadn’t harmed the country’s ecosystem. “However, I think we need more signals from regulators … that they are ready to discuss this issue with people who are well versed in it,” he said.
The Senate committee is currently reviewing the potential for blockchain technology in a commercial and governmental setting following the launch of the National Blockchain Roadmap last February. The roadmap, announced through the Department of Industry, Science, Energy and Resources, sets out expectations for a national strategy aimed at capturing the value of the blockchain for doing business.
According to Vallas, some financial authorities around the world, such as the EU, UK and US, are offering more guidance to companies that use or want to promote blockchain and digital assets, especially in the banking sector.
While regulators like the United States’ Bureau of Currency Auditors are telling banks that they can hold crypto assets and should be cryptocurrency companies, “those signals are largely absent in the Australian market,” he said.
