Australia open for Blockchain business

Blockchain companies are welcome in Australia according to Austrade Trade and Investment Commissioner in New York, Garreth Simpson.

Speaking at the Consensus 2018 Conference in New York City, Mr Simpson said Australia is creating the right policy environment for doing business.

“Australia is a great place to look, whether it be as a market in its own right, whether it be for partners, or whether it be to do further R&D and look at other markets in the region,” said Mr Simpson.

Austrade led a delegation of Australian blockchain businesses at the conference, held at the Hilton in Midtown Manhattan.

“We were the first government ever to bring a delegation and this year we have more than fifty delegates from thirty companies from around Australia,” said Mr Simpson.

The proactive policy stance towards blockchain technology was evidenced in the recent Federal Budget, in which the Turnbull Government allocated $700 thousand dollars for blockchain research.

“The government is looking at uses for blockchain both within government procurement and government programs and to support the ecosystem itself,” said Mr Simpson.

Australia’s main securities exchange ASX Ltd is adopting blockchain technology to replace the current Clearing House Electronic Subregister System (CHESS).

“It’s a transparent market where regulations are clear and easily understood and discussions are ongoing whether that be fintech and crypto, right through into other uses such as identity and trading and single windows for trade,” said Mr Simpson.

Australian blockchain companies are gaining in prominence around the world following a number of high profile Initial Coin Offerings.

“In the blockchain space Australia has led through standards and regulations and through companies that have been world firsts including Agridigital, DigitalX and Civic Ledger,” said Mr Simpson.