Australia’s largest cryptocurrency industry body, Blockchain Australia, has dropped the technology from its name in a bid to attract more fintech firms and banks – and renamed itself the Digital Economic Council of Australia (THIS SIDE).
The rebranding comes alongside the resignation of chief executive Simon Callaghan from his role, with former chief operating officer Amy Rose Goodey appointed as chief executive.
“Initially we were very focused on the digital asset companies that were the core group, but we’ve grown significantly,” Gowdy told Cointelegraph at Blockchain Week in Sydney, which is expected to be renamed next year “Conference on the digital economy”.
“As the industry evolves, we must evolve,” she added. “We have digital identity, artificial intelligence, we obviously have Web3, consultants, cybersecurity – all these different businesses need to feel reflected in the engagement.”
DECA provides for eight membership categories, including Cryptocurrency and Web3, Tokenization, Government and Charities, Payments and Banking, among others.
The group’s broader jurisdiction to try to sue payment companies and banking firms comes after the growing conflict between the country’s banks and cryptocurrency companies.
Last year, Australia’s “big four” banks – Commonwealth Bank, Westpac, National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ) – as well as smaller banks such as Bendigo Bank, began to block certain payments to cryptocurrency. Exchanges. Report fraud risks.
Binance Australia’s transactions were also quickly canceled last year after payment provider Cuscal asked cryptocurrency exchange payment partner Zepto to cut ties. The Treasury even intervened to warn that such a bank dismantling “could push companies underground”.
“This is one of the main reasons why regulation is necessary,” Goudy said.
She added that banks should also be comfortable with cryptocurrencies. “There’s an aversion to risk and they have to do their due diligence.”
“I’m not saying what they’re doing is right, but I understand it,” she added.
about: “Pennies Not Down” for Australia’s Upcoming Cryptocurrency Companies – Coinbase APAC MD
“Once we have this framework, there will be confidence in the market,” she said. “We need that certainty. “We need this framework.”
In September, the Senate Economic Legislation Committee rejected the Digital Assets (Market Regulation) Bill 2023 regulating cryptocurrencies, instead recommending that the government “continue to consult with the industry on the development of regulations adapted to digital assets”.
review: The guide to Crypto City in Sydney – more than just a “symbolic” bridge.
Additional reporting by Ciaran Lyons.
