For many blockchain businesses operating in the ASEAN region, it can be hard to pick a jurisdiction to call home. So many are either adopting an anti-crypto stance or just making no progress in the way of regulation. This is beginning to prove to be a problem for blockchain firms in the area, as it only leaves South Korea – which holds an anti-ICO stance – and Japan – a fairly crypto-friendly nation – to choose from. However, just a little further south lies a dark horse – Australia. While it’s not part of the ASEAN region, it’s certainly close enough for blockchain firms to consider looking at, and given its recent blockchain activities there is certainly a future for the country in the industry.
Bitcoin is Just Like Money
On July 1st 2017, Malcolm Turnbull declared that Bitcoin will be treated like money rather than an investment vehicle. In fact, as far back as 2013, the Reserve Bank of Australia stated that “there would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. There’s no law against that, so we do have competing currencies.” This further cements Australia as a Bitcoin haven and therefore an ideal country for companies looking to operate in the blockchain and crypto space to call home.
Crypto Opportunities Everywhere
Australia is a crypto holders dream, as there are countless businesses that accept cryptos throughout the country. A recent partnership between Cointree and Gobbill lets Aussies pay their household bills using cryptos. It doesn’t end there either, as Australian’s are pushing the blockchain and crypto space faster and harder than any other country. Australia’s national science agency (CSIRO) has teamed up with the Sydney University to create a blockchain payment system that can process 30,000 transactions per second in a bid to rival Visa’s impressive power. Thanks to Australia’s dedication to new technology, cryptos in the country can use a remittance system that’s faster than an ostrich chasing a kangaroo.
The First Blockchain Bond
While the country may not have fancy crypto-friendly regulations like Gibraltar or Malta, it has been hard at work creating live use cases for blockchain technology. Australia’s Commonwealth Bank (CBA) was mandated by the World Bank to exclusively use blockchain on its AUD Kangaroo bond – the first bond to be issued in the world using only blockchain technology. This open-mindedness and willingness to give blockchain a go and not hold back is what has the power to make Australia the true blockchain capital of the south – maybe even of the world.
Australia won’t be the first place that springs to mind when you think of a blockchain and crypto-friendly nation, but arguably it should be. In spite of not having any fancy regulations like other nations, it’s proving that blockchain has a future and can make the country a better place. In time, it will use its knowledge to create sweeping blockchain regulations that will turn Australia into a true blockchain hub.