Australia’s top crypto lobby group discredits ‘blockchain’
Blockchain Australia, Australia's top crypto industry body, has rebranded itself as the Digital Economic Council of Australia (DECA) in a bid to sue several fintech firms and banks, saying it has named the technology after it.
The rebrand comes with the resignation of chief executive Simon Callaghan, with former chief executive Amy-Rose Goody taking over as managing director.
“Initially, we were very focused on digital asset businesses, which were the core group, but we've expanded significantly,” Goodey said at Sydney Blockchain Week – which is set to change its name to the “Digital Economy Conference” next year.
“As the industry evolves, we have to evolve,” she added. “We have digital identity and AI, and obviously, Web3, consulting, cybersecurity — all these different businesses need to feel reflected in the association.”
DECA plans for eight membership categories, including crypto and web3, tokenization, government and charities, and payments and banking.
The group's broader payment comes amid a growing dispute between the country's banks and crypto companies to try to court payments and banking firms.
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 began banning certain fees for crypto exchanges. citing the risk of fraud.
Binance Australia was also quickly unbanked last year after payments provider Kuskal ordered the crypto exchange's payments partner, Zipto, to cut ties. Even the Treasury stepped in to warn that disrupting such banking could “drive businesses underground”.
“That's one of the main reasons regulation is needed,” Goody said.
Banks should also be comfortable with crypto, she added. “There is risk aversion, and they have to do their own due diligence.”
“I'm not saying what they're doing is right, but I understand,” she added.
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“Once we have that framework, there will be confidence in the market,” she said. “We need certainty. We need that framework.
In September, the Senate Committee on Economic Law rejected the crypto-regulation Digital Assets (Market Regulation) Bill 2023 and instead recommended that the government “continue to consult with the industry to develop a digital assets regulation that is fit for purpose”.
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Additional reporting by Ciaran Lyons
