Blockchain Australia Rebrands to DECA Amid Evolving Crypto Landscape; Amy-Rose Goodey Becomes MD
Summary:
Australia's leading crypto industry association, Blockchain Australia, has rebranded to the Digital Economic Council of Australia (DECA) in a bid to appeal to a broader range of fintech and banking entities. Concurrently, DECA's former Operating Chief Amy-Rose Goodey has assumed the position of Managing Director following Simon Callaghan's resignation. The council is planning to introduce eight membership categories to accommodate various businesses within Australia's evolving crypto landscape. This comes amid rising tensions between Australian banks and crypto businesses regarding transparent regulation and due diligence.
In an effort to appeal to a broader range of fintech and banking entities, Blockchain Australia, the leading crypto industry association in the country, has decided to remove 'blockchain' from its title. It has rebranded itself as the Digital Economic Council of Australia (DECA). Along with the rebranding, Simon Callaghan, the CEO, has stepped down, and ex-Operating Chief Amy-Rose Goodey has replaced him as the Managing Director. She mentioned that the association initially focused heavily on digital asset businesses, but its scope has significantly broadened lately. Reflecting on the transformation, she said that the industry's progression means the association must adapt. The association has diversified, incorporating digital ID and AI, along with Web3, consultants, and cybersecurity. DECA now intends to have eight membership types, involving crypto and Web3, tokenization, governmental bodies and charities, payments and banking, etc. This wider target area is in response to the growing tension between the banking sector and crypto businesses in Australia. All big Australian banks and smaller ones, such as Bendigo Bank, have started to block certain transactions to crypto exchanges due to scams. Earlier last year, Binance Australia was quickly de-banked after its payment partner, Zepto, faced an instruction to sever ties from payments provider Cuscal. The Treasury even issued a warning stating such de-banking practices may force businesses to operate secretly. Goodey highlighted that these incidents are major reasons why crypto needs regulation. She stated that banks require confidence in cryptos and must conduct their own due diligence. Once the required framework is in place, market confidence is bound to boost. Last September, the Senate Committee on Economics Legislation rejected the Digital Assets (Market Regulation) Bill 2023 for crypto regulation and suggested that the government continue to consult with the industry on creating a suitable regulation for digital assets.
Published At
6/11/2024 6:45:00 AM
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