A multibillion dollar opportunity has opened up for Australia with a large number of Chinese crypto trading exchanges heading down under.
The combination of Australia’s blockchain friendly environment, its Asia-Pacific location and leading position at the start of the world’s financial world clock, has proven to be a powerful drawcard.
Australia’s Stock Exchange is the first major market to open each day, followed by Tokyo, Hong Kong, London and the US.
Being part of the first market to open each day is vital for a nation of people who like to rise early and be productive, according to Xiao Chen from CSJ Legal Group.
“They see this as a huge opportunity,” he said.
Chinese President Xi Jinping places great importance on blockchain technology, according to Chen.
“President Xi said on China’s state television channel that blockchain technology is actually 10 times more important than the internet itself,” he said.
For now though, many of China’s blockchain businessmen are settling in Barangaroo, Sydney’s new financial district that sits on a spectacular harbour headland parcel of land next to the CBD.
The former disused shipping container terminal has been dramatically overhauled into a multi-billion dollar mixed use precinct.
It is home to one of Sydney’s tallest residential towers, where a one bedroom apartment can fetch as much as A$1.5 million.
A 75-level casino, spearheaded by James Packer, is also being built on the waterfront land and is expected to open in 2021. When complete, it will be Sydney’s tallest building.
It’s not just Australia they’ve set their sights on. Chinese blockchain companies are eyeing off opportunities right around the world, establishing a network of crypto hotspots.
“They’re looking overseas for opportunities and jurisdictions like Singapore, Thailand, European countries like Gibraltar, Japan and, of course, Australia,” Chen said.
This story first appeared on Coincast TV.