Lawrence Walton
As the sun rises over the world’s blockchain capital, it is not New York, London, or Tokyo that is being illuminated; it’s Sydney. Australia’s foray into the arena of digital currencies has been nothing short of exemplary.
The land of kangaroos and koalas has embraced the cryptocurrency revolution, navigating the labyrinth of blockchain technology and setting a precedent for other countries.
A Pioneering Approach to Regulation
From the outset, Australia has recognised the potential of cryptocurrencies and blockchain technology, pioneering a progressive regulatory framework.
The Australian Transaction Reports and Analysis Centre (AUSTRAC), which oversees anti-money laundering and counter-terrorism financing, has implemented reasonable, clear-cut regulations that promote growth while ensuring security:
Australia implemented a bill in 2017 that legalized Bitcoin, effectively making it equivalent to traditional money for goods and services tax (GST) purposes.
In April 2018, AUSTRAC introduced mandatory registration for cryptocurrency exchanges, a first in the world, to maintain the integrity and transparency of the digital economy.
This forward-thinking regulatory approach has fostered a secure environment for businesses and consumers to engage in cryptocurrency transactions, fueling growth in this sector.
Accompanying the regulatory advancements, the crypto exchange market in Australia has boomed. Flagship platforms like BTC Markets and Independent Reserve are home-grown successes, while international players such as Binance and Coinbase have also made a splash Down Under.
Independent Reserve, for example, became the first cryptocurrency exchange in Australia to incorporate insurance coverage for digital currency holdings.
Meanwhile, BTC Markets launched Australia’s first ever real-time payment system for cryptocurrency trading in collaboration with the New Payments Platform Australia (NPPA).
Australia’s Vibrant Blockchain Community
The development and adoption of cryptocurrencies in Australia cannot be discussed without mention of the influential blockchain community. Comprising a range of enthusiasts, developers, businesses, and academic researchers, this community is at the forefront of advocating for the use of blockchain technology and digital currencies. Here are some key players and their significant contributions:
- Blockchain Australia: As the industry’s leading association, Blockchain Australia unites a diverse group of blockchain enthusiasts and businesses. They engage in lobbying, policy development, and public education, all aimed at promoting blockchain technology and fostering an environment conducive to its growth.
- Australian Digital Commerce Association (ADCA): The ADCA is committed to developing an environment that fosters blockchain innovation, regulatory advancement, and industry best practices. They are dedicated to educating the public and advocating for blockchain and cryptocurrency policy changes at a national level.
- Blockchain Centre: The world’s first non-profit blockchain technology community hub and coworking space, the Blockchain Centre provides a platform for education, collaboration, and innovation in the blockchain space. It hosts regular events, meetups, and workshops to foster a knowledgeable and connected blockchain community.
- Universities: Australian academic institutions have also joined the blockchain fray. Universities such as RMIT, the University of Sydney, and the University of Melbourne offer blockchain and cryptocurrency courses, encouraging research and providing an academic backbone to Australia’s blockchain community.
- Start-ups and Tech Companies: Australia is home to a plethora of start-ups and tech companies engaged in developing and implementing blockchain solutions. For example, Power Ledger, a blockchain-enabled energy trading platform, is revolutionising renewable energy distribution. Another start-up, AgriChain, uses blockchain to streamline grain harvest tracking, demonstrating blockchain’s cross-industry potential.
Cryptocurrency in Everyday Life
Crypto’s adoption in Australia extends beyond mere investment. It’s increasingly used for everyday transactions, from buying a cup of coffee to purchasing real estate. Some innovative applications include:
- TravelbyBit: A Brisbane-based startup that allows travellers to use cryptocurrencies at airport retailers. It’s partnered with Brisbane Airport, making it the world’s first crypto-friendly airport.
- Living Room of Satoshi: An innovative service that lets Australians pay their bills (including taxes) using cryptocurrencies.
- Incent: A universal rewards currency that’s based on blockchain technology, Incent incentivises everyday spending by offering cash-backs in cryptocurrency.
Australia’s Growing Adoption of Cryptocurrencies in Online Gambling
In addition to everyday transactions, cryptocurrencies have also made their way into the realm of online gambling in Australia. The country’s vibrant blockchain community and forward-thinking regulatory approach have created an environment conducive to the growth of the online gambling sector.
With the rise in popularity of cryptocurrencies, many online casinos in Australia now offer the option to deposit and withdraw funds using digital currencies. This provides players with a convenient and secure method of engaging in online gambling activities.
When it comes to choosing the best Australian online casino, players should consider several factors, including the variety of games offered, the security measures in place, and the reputation of the casino operator.
Additionally, it is important to select a casino that accepts and supports popular cryptocurrencies, ensuring a seamless and efficient gambling experience for crypto enthusiasts.
While the specific details of the best Australian online casinos may vary depending on individual preferences, players can find reputable platforms by conducting thorough research and reading reviews from trusted sources.
Taking the time to select a reliable online casino will help ensure a positive and enjoyable gambling experience.
As Australia continues to embrace cryptocurrencies and blockchain technology, it is likely that the online gambling industry will further integrate these innovations, offering new opportunities and enhanced experiences for players across the country.
Crypto’s Future in Australia
Australia’s adoption of cryptocurrencies has been met with keen investor interest and public curiosity. The Australian Securities Exchange (ASX) is preparing to replace its current clearing and settlement system with a blockchain-based alternative, marking another leap forward.
Australia’s blockchain community, with entities like Blockchain Australia and the Australian Digital Commerce Association (ADCA), is continually working to educate the public, advocate for policy change, and foster industry growth. This vibrant ecosystem provides a fertile ground for the future of cryptocurrencies in Australia.
Conclusion
The cryptocurrency trend Down Under is not a passing fad. It’s a comprehensive, integrated process spearheaded by progressive regulations, innovative businesses, and an engaged public.
Australia’s remarkable journey serves as an international blueprint for adopting cryptocurrencies and blockchain technology, reaffirming the nation’s place on the global fintech map. The continued adoption of cryptocurrencies in Australia underlines a global trend, redefining financial transactions and shaping a future that is digital, decentralised, and secure.
