Coinbase spotlights Australiaâs blockchain brain drain
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Regulatory uncertainty about digital assets in Australia is forcing crypto entrepreneurs to depart for jurisdictions â such as Britain, Germany and Singapore â with more supportive policies on technologies that power bitcoin and other cryptocurrencies.
As Coinbaseâs blockbuster US listing draws global investor attention to bitcoin and the decentralised blockchain technology that facilitates it, crypto investors and advisers in Australia are warning of a blockchain brain drain and urging the government to plug it.
The Senate select committee on fintech is preparing to create a digital asset plan for Australia to tackle regulatory haziness and the lack of guidance from the Australian Securities and Investments Commission and Australian Taxation Office on how digital assets will be treated.
Aussie blockchain community calls for more government support around the nascent tech
Blockchain Australia CEO said there should be active consultation while representatives from RMIT said there s an opportunity for regulatory evolution around blockchain and digital assets, such as cryptocurrency.
February 15, 2021 01:04 GMT (17:04 PST) | Topic: Innovation
Blockchain Australia, the industry body representing local businesses and individuals participating in the technology, has again called on the government and regulators to provide more support for the local blockchain ecosystem.
Its CEO Steve Vallas told the Senate Select Committee on Financial Technology and Regulatory Technology, which is currently in its second round of reviewing the potential of fintech and regtech down under, that the federal government is the cornerstone of confidence creation in this sector .