Australia Stalls In Crypto Progress, Says Blockchain Australia

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Although still well placed in the crypto space, Blockchain Australia told a Senate committee that the country is falling behind its peers around the world.

Blockchain Australia said other countries are moving rapidly and subsequently establishing “real success” in the blockchain space. For Australia, he says, the fundamental challenge has been the lack of direction. To that end, the country’s leading blockchain association has extended its call for regulation around the nascent technology.

Crypto like the Wild West

Blockchain Australia CEO Steve Vallas told the Special Senate Committee on Australia as a Technology and Financial Center that blockchain does not appear to be able to shake its reputation as “the Wild West.” According to Vallas, the narrative continues to be ubiquitous and has persisted since the ICO boom of 2017-18. However, he said they were resisting that narrative by seeking clarification from regulators.

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