Blockchain Australia Seeks Regulatory Support to Push up DLT Industry

Blockchain Australian, the industry network of blockchain businesses that promote the adoption of the technology in Australia, has called for regulatory-friendly support from the country’s authority to further promote blockchain developments in the country. The body wrote to the Senate Select Committee on Financial Technology and Regulatory Technology, according to the report on Thursday by ZDNet. 

This body of blockchain promoters believes that the technology has great potentials to revitalize certain systems in different sectors. They also preach that mainstream adoption of blockchain technology in government, education, etc., will drive innovation and provide more job opportunities in Australia. However, the path to achieving this wouldn’t be easy without friendly support from the regulators and government.

A Call for Blockchain Support

For that reason, Blockchain Australia wrote to the Senate Select Committee on Financial Technology and Regulatory Technology in “its second round of reviewing the potential of fintech and regtech down under,” calling for regulatory support for the Aussie DLT industry. The organization believes that “a little bit of wiggle room from regulators” would propel more growth and application of the nascent technology in the country.

Blockchain Australia wrote:

“Clear regulatory frameworks are drivers of both efficiency and innovation. […] Regulation should aid the establishment of the fairness and openness uniquely enabled by this technology. Certainty afforded via the development of applications by a nimble regulatory regime will be the catalyst for uptake across the industry, creating high-value knowledge economy jobs and growth.”

Blockchain Adoption in Australia

Australia is unarguably one of the countries that are open to blockchain technology. Last year, the government officially published the national blockchain roadmap, outlining their plans on the potential application of the technology in different sectors of the economy. At the time, it was estimated that the country could generate more than US$175 billion by 2025 through blockchain.