Australia’s Fintech Senate To Provide Final Report in October 2021

May 22, 2021, 3:10 PM AEST - 4 months ago

The Senate Committee on Australia as a Technology and Financial Centre will provide the third and final report in October 2021, as Senators push for a more crypto-friendly Australia.

Senate Pushing for A Crypto-friendlier Australia

On Wednesday, the Senate released a Third issues Paper where it will guide submitters to examine a handful of topics related to technology and finance, and what could be possibly stopping the country to become a hub in those fields.

Chaired by Senator Andrew Bragg, the Senate is calling submitters to address important topics like how Blockchain and cryptocurrencies can promote investment in the country and bolster Australian economic growth.

Another essential topic would be what type of laws are restraining new investment in Australia. Senator Bragg has called out on how corporate laws are holding back investment in the country, which has led the Committee to lay down specific subjects for submitters like:

  1. The impact of corporate law restraining new investment in Australia
  2. The policy environment facing neo-banks
  3. Barriers to the adoption of new technologies in the financial sector

Australia is “Well Poised” To Become a Leader in Fintech

The Australian government is keen to establish the nation as a crypto-friendly economy. However, experts in the field believe the government is taking a slow pace compared to other countries which have already adopted blockchain and established crypto regulations to boost their economies.

During the Blockchain Australia Week, several important personalities in the local community shared their concerns about Australia having the potential to become a leader in financial technology, but instead falling behind global competitors.

A major concern for the local community is the lack of a regulatory body, which many CEOs of local crypto-companies have already said it’s hurting the industry, and driven away potential offshore investors.

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