Blockchain Australia, the industry body representing local businesses and individuals participating in the nascent technology, has asked for government and regulatory support in building a thriving blockchain ecosystem.The body describes itself as encouraging the “responsible adoption of blockchain technology by the government, industry, education, and startup sectors across Australia as a means to drive innovation and create jobs”. “The development of blockchain technology will enable business process transformation, impacting markets in almost every sector of the global economy,” it wrote in a submission [PDF] 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.Round one: Sweeping change: Fintech committee offers ‘quick wins’ fix to Australian ecosystemBut in order to execute on its mission, Blockchain Australia said it needs a little bit of wiggle room from regulators. According to the organisation, regulatory uncertainty is a “persistent and recurring theme” in blockchain and distributed ledger technology (DLT) discussions. “Clear regulatory frameworks are drivers of both efficiency and innovation,” it said.”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… Read full this story
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