Blockchain Australia seeking to change govt's poor perception of industry

Blockchain Australia laments that the Australian government is judging the industry through malicious scammers and actors who’re tarnishing its image and wants authorities to engage with the industry to develop regulations that’ll fit all purposes.

The Australian government is reviewing the blockchain & Fintech industry’s importance to its national goals and also looking into crypto regulations.

Last week, Blockchain Australia CEO Steve Vallas appeared before the Senate Committee when he stated that the association doesn’t agree with the “wild west” assertions about the crypto industry.

He also expressed eagerness to coordinate with regulators for creating the industry’s all-purpose regulatory framework.

Vallas had accused the government of not showing interest in the industry, saying there’s no appetite for Initial Coin Offerings (ICO) in the country, and that regulators are not interested in having another ICO.

Another Australian crypto industry top participant, lawyer Michael Bacina of the Piper Alderman law firm, agrees that the Australian government is taking a passive approach to the crypto industry.

Chloe White, the MD of Genesis Block, added that the government only becomes interested in crypto when there’s hype in the market, keeping local policymakers from understanding the industry.

Senator Andrew Bragg had implored the government to do more and asked for clear crypto assets regulations to encourage tech & financial innovations to remain at the frontlines.