Blockchain Australia is unhappy with the way its government is treating the local crypto industry.

According to the association, the government is judging the industry for malicious scammers and actors who damage its image through their activities. Blockchain Australia believes that authorities should work with the industry to develop regulations that are suitable for all purposes.

Blockchain Australia is committed to the state

Lately there has been a lot of discussion between the association and the country. The Australian government has reviewed the importance of the blockchain and fintech industries to their national goals and also looked at crypto regulations.

Related reading | Vitalik Buterin urges Ethereum to grow beyond DApps

Last week the CEO of Blockchain Australia, Steve Vallas, appeared before the Senate committee responsible for “Australia as a technology and financial center”.

During the meeting, Vallas stated that the association disagrees with claims that the crypto industry is “a wild west”. He also mentioned that they are keen to sit down with regulators and create a universal regulatory framework for the industry.

Vallas tracked the ICO boom from 2017 to 2018 and accused the government of showing no interest in the industry.

According to the CEO, there is no appetite for initial coin offerings in the country, and regulators aren’t even interested in ICOs happening again. In Vallas’ statement, the Australian government is still waiting to see if the industry will be successful and that has taken it far from what other countries can achieve.

Steve Valla’s arguments on the matter

Another top participant in the Australian crypto industry had also joined Vallas’ argument. Michael Bacina is a partner at Piper Alderman, a law firm in Australia. His specialty is digital law relating to digital assets, fintech, blockchain and regtech.

In his arguments, Bacina agrees that the Australian government is taking a passive approach to the crypto industry. But he made a little comparison between the issues of crypto regulation in the US and Australia. According to Bacina, people in the United States are studying law enforcement to understand a little about crypto regulations.

On this subject, Chloe White, CEO of Genesis Block, also mentioned that the government is usually interested in crypto when there is hype in the market.

Related reading | American banks encouraged to partner with cryptocurrency firms

According to her, this intermittent interest has prevented local decision-makers from fully understanding the industry. As such, they only take a reactive stance on analysis and policy advice.

Previously, another top government candidate, Senator Andrew Bragg, had pleaded with the government to do more. He had called for clear regulations on crypto assets to encourage technical and financial innovation to stay on the front lines.

Selected image from Pixabay

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