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Australia’s fintech startups with have a “box seat” to profit from Blockchain thanks to a regulatory roadmap unveiled last week.
Australia has released a Blockchain roadmap which proponents say puts the country’s Fintech companies “in the box seat” to profit from the technology.
The report, authored by Standards Australia (AS) and released on March 2, details “how the organization will work to deliver measures to support the privacy, security and interoperability of Blockchain systems.”
It is the culmination of a number of preparatory steps taken by AS over the past few months, which included the formation of a “roadmap steering group,” an open Blockchain survey and a national workshop.
“...[T]here is a broad community expectation that an appropriate legal and standards framework will be developed in order to establish market confidence,” AS CEO Dr. Bronwyn Evans said introducing the report.
The roadmap itself focuses on resolving issues such as security, best practices and legislative compliance, with an eye to “providing foresight for Australia’s leadership in the development of international Blockchain standards.”
“The release of this roadmap is expected to spark further innovation among the many Australian companies ready to take advantage of Blockchain technology,” Danielle Szetho, CEO of Australia’s Fintech industry association FinTech Australia, commented in an accompanying press release on Monday.
While Australia’s legislative environment has caused headaches for Blockchain businesses in the past, the country is taking an increasingly active role in associated innovation.
The Commonwealth Bank of Australia most recently collaborated with Wells Fargo on the world’s first interbank Blockchain shipment.
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