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Blockchain Australia Asks the Government for Support

Blockchain Australia is the country’s industry body that has the goal of representing individuals and local businesses that use blockchain technology one way or another. The industry body keeps making public calls to the government and its regulators to provide more support for Australia’s local blockchain ecosystem.

Pro-Crypto Actions Needed

The CEO of Blockchain Australia, Steve Vallas, has given an official statement to the Senate Select Committee on Financial Technology and Regulatory Technology. The committee is working for the second time on revisions regarding the fintech holds in Australia. Valas declared that the federal government is the only one that has the power of creating enough confidence for the crypto space.

He also commented that Australia finds itself in a privileged position of developing a new, tech-savvy economy within the blockchain space. Vallas opinionated that the lack of progress regarding the crypto space in Australia hurt the country and will continue to do so.

Regulations Need to Be More Clear and Certain

Vallas brought attention to the fact that people should have the opportunity to be investing in the blockchain space, but that there is a need for coordination across various government departments within the whole country for that to happen.

The CEO also mentioned that there is a need for more clarity in regards to space with a focus on positive ones. He especially focused on the need for Australian regulators to be willing to start conversations about the subject matter at large.

Vallas mentioned that many governments across the globe had given more attention to crypto, which leads to the banking sector and businesses having more confidence in the crypto industry.

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