Fun

Australia’s peak crypto lobby group drops ‘blockchain’ from name

News Feed - 2024-06-11 12:06:00

Jesse Coghlan5 hours agoAustralia’s peak crypto lobby group drops ‘blockchain’ from nameBlockchain Australia is now the Digital Economic Council of Australia (DECA) with a membership category for banks, most of which have blocked crypto exchanges.1839 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAustralia’s top crypto industry body, Blockchain Australia, has nixed mention of the technology from its name in a bid to court a wider number of fintech firms and banks — rebranding itself as the Digital Economic Council of Australia (DECA).


The rebrand comes alongside CEO Simon Callaghan’s resignation from the role, with former operating chief Amy-Rose Goodey stepping up as managing director.


“Originally, we had a lot of focus on the digital asset businesses who were the primary cohort, but we have expanded significantly,” Goodey told Cointelegraph at Sydney’s Blockchain Week — set next year to change its name to “The Digital Economy Conference.”


“As the industry evolves, we have to evolve,” she added. “We’ve got digital ID and AI, and obviously, we’ve got Web3, consultants, cybersecurity — all of these different businesses need to feel like they’re reflected in the association.”


DECA plans for eight membership categories, including crypto and Web3, tokenization, government and charities, and payments and banking — among others.


The group’s wider remit to try to court payments and banking firms comes after a widening rift between the country’s banks and crypto firms.Goodey on stage at Sydney’s Blockchain Week. Source: Ciaran Lyons/Cointelegraph


Last year, Australia’s “Big Four” banks — Commonwealth Bank, Westpac, National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ) — along with smaller banks such as Bendigo Bank, all started to block certain payments to crypto exchanges citing the risk of scams.


Binance Australia was also swiftly de-banked last year after payments provider Cuscal instructed the crypto exchange’s payments partner Zepto to cut ties. The Treasury even stepped in to warn that such de-banking “may drive businesses underground.” 


“This is one of the primary reasons why regulation is needed," said Goodey.


She added the banks need to be comfortable with crypto as well. “There’s risk aversion, and they need to do their own due diligence.”


“I’m not saying what they’re doing is right, but I understand,” she added.


Related:‘Penny hasn’t dropped’ for Australia’s next crypto unicorns — Coinbase APAC MD


“Once we have that framework, then there’ll be confidence in the market,” she said. “We need that certainty. We need that framework.”


In September, the Senate Committee on Economics Legislation rejected the crypto-regulating Digital Assets (Market Regulation) Bill 2023 and instead recommended the government “continue to consult with industry on the development of fit-for-purpose digital assets regulation.”


Magazine:Crypto City guide to Sydney — More than just a ‘token’ bridge


Additional reporting by Ciaran Lyons.# Law# Business# Australia# FintechAdd reaction

News Feed

Quik․com Releases Update for Its NFT Domains – Web3 Domains Are Now Minting
Quik․com Releases Update for Its NFT Domains - Web3 Domains Are Now Minting sponsored The much-anticipatedmajor update to Quik.comhas now been made available to users, bringing th
Bitcoin traders expect a ‘push higher’ after several metrics turn bullish
Nancy Lubale5 hours agoBitcoin traders expect a ‘push higher’ after several metrics turn bullishBitcoin’s price has cooled off from its recent highs, but analysts still anticipate a “push higher” as multiple BT
Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs
Bitcoin"s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC RigsDuring the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June
Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency
Digital Yuan Giveaway: China"s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital CurrencyA major Chinese city is giving away 10 million yuan in the country’s cen
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says ‘a Formal Regulatory Process Is Needed Now’
US Lawmaker Calls on SEC to Issue Crypto Regulations — Says "a Formal Regulatory Process Is Needed Now" A U.S. senator has called on the Securities and Exchange Commission (SEC)
Sustainable Bitcoin Miner, Merkle Standard Buys 13,500 BITMAIN Mining Rigs for Eastern Washington Flagship Site
Sustainable Bitcoin Miner, Merkle Standard Buys 13,500 BITMAIN Mining Rigs for Eastern Washington Flagship Site press release PRESS RELEASE. Irvine, California, January 21, 2022: Me
Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours
Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours Cryptocurrency markets have suffered significant losses during the last 24 hour
Mercado Libre to Expand Cryptocurrency Services to More Countries in Latam
Mercado Libre to Expand Cryptocurrency Services to More Countries in Latam Mercado Libre, one of the biggest retailers in Latam, has announced that it plans to expand its cryptocur
SEC pushes Hashdex, ARK 21Shares Ether ETFs as approval hope dwindles
Felix Ng8 hours agoSEC pushes Hashdex, ARK 21Shares Ether ETFs as approval hope dwindlesThe SEC has continued to push back its decision on spot Ether ETFs, while analysts have turned more pessimistic on approvals.3274 To
In-Chat Tether Transfers Introduced in Telegram
In-Chat Tether Transfers Introduced in Telegram Users of the Telegram messenger will now be able to send each other the leading stablecoin, tether (usdt), directly in the chats. Th
Only 1 Crypto Fund Has Passed Hong Kong’s SFC Regulatory Hurdles in First Year
A year after the Hong Kong Securities and Futures Commission (SFC) published initial regulations for funds investing in crypto, only one firm has successfully passed that gauntlet.
AI takes center stage as Microsoft and Google earnings signal booming market
Savannah Fortis14 hours agoAI takes center stage as Microsoft and Google earnings signal booming marketMicrosoft and Google’s Q2 earnings reports highlight significant revenue and profit increases driven by their inves