Australia has made huge steps in the blockchain world in recent months. For instance, in early 2020, the country launched a national blockchain roadmap to support a vibrant blockchain sector. The roadmap will be achieved via a combination of changes to the banking sector, the export sector, and the educational infrastructure in the country.
Besides that, the National Stock Exchange of Australia is working on a settlement and clearing system based on blockchain technology. Through their partnership with iSignthis, the national stock exchange could enable fractional trading at some point in the future.
Australia Senate Committee Report
The Select Committee on Financial Technology and Regulatory Technology in Australia recently released an interim report that contains many references to the blockchain. In the report, the potential of the blockchain to advance regulatory tech and fintech is highlighted. It also highlights the missed opportunity from using ICOs to raise funds.
The report agrees with the National Blockchain Roadmap that found blockchain technology would drive $175 billion in global business value by 2025 with that figure rising to $3 trillion by 2030. One legal expert, while commenting on the issue, said that most fintech and regtech projects would be built on the DLT or the blockchain in the future.
In the committee’s report, it was noted that the blockchain could offer numerous benefits to various industries in Australia. They noted that it held the most benefits for insurance and financial industries, other industries that could be affected were scientific, professional, retail trade, and technical services. Additionally, the sectors of agriculture, social aid, healthcare, and the real estate sector could be positively impacted as well.
A Focus on ICOs
The Senate committee report noted that Australia was not taking full advantage of ICOs. One expert, talking to the committee, said that current regulation in Australia was not conducive to ICOs. He noted that in a nation such as Switzerland, proceeds from ICOs were exempt from taxation. However, proceeds from ICOs in Australia were taxed, which made it an unattractive market for ICOs or setting up startups in the blockchain sector.