SBF opens Aussie Blockchain Week as government says we’re ‘open for business’

The opening keynote was given by Sam Bankman-Fried, the CEO of NFTX, at this year’s Blockchain Week, which took place at the Australian Securities Exchange’s headquarters (ASX).

In his keynote address from the Bahamas, Bankman-Fried introduced the debut of FTX Australia, one of the world’s largest crypto exchanges by volume. The event is sponsored by FTX.

“This is something that has been in the works for a number of months, and it’s been a really high priority for us as a company.”

The introduction to Australia is part of a wider effort for the exchange to be licensed and regulated in as many nations as possible, according to Bankman-Fried.

He said that the world is “very much” looking for a regional hub in APAC for crypto, stating that other locations in the region “haven’t played out as expected”.

“I think that has really left an opening for someplace to kind of grab that and service that region,” he added.

Australia is looking to market itself as a crypto hub, with comments from the Federal Minister for financial services and the digital economy Senator Jane Hume, stating that the country is “open for business” when it comes to cryptocurrencies.

Giving her address at the conference, Hume said that the crypto ecosystem is the new frontier, adding:

“If you want to be a pioneer on the virtual frontier of innovation, Australia is open for business. As the Minister for the digital economy and the Minister for financial services, I personally am backing you.”

The topic of the summit’s opening address was also addressed by Senator Bridget McKenzie, who presented the keynote speech. Bragg used his talk to announce the introduction of legislation that would overhaul laws for decentralised autonomous organizations (DAOs), de-banking, and taxes and licensing for crypto businesses in Australia.

According to Hume, the digital asset economy may boost Australia’s GDP by 2.6 percent and create 200,000 new jobs by 2030 when compared to the internet boom in the late 1990s. He cautioned that if an incorrect regulatory framework is put in place, Australia might “lose out.”

“We want to encourage innovation in crypto assets, because innovation is what creates prosperity, it’s what creates jobs and economic growth.”

“There are so many innovative use cases for crypto assets, many of which are now not at all far away from becoming mainstream,” she stated.

On a two-party preferred basis, according to the most recent poll, the government is currently 10 points behind the opposition. Senators Bragg and Hume’s plans may be jeopardised by a looming federal election in May, but pro-crypto policy might be used by the administration to win re-election, influencing younger voters toward the coalition.

At the beginning of Blockchain Week, which runs from April 15 to April 19, notable speakers include Crypto.com Kris Marszalek, Binance AU Leigh Travers, Ripple’s Brooks Entwistle, senior vice president of global customer success and managing director of APAC and MENA at Ripple Brooks Entwistle, and Ethereum’s Joseph Lub

The crypto tax calculator Australia is a user-friendly and efficient application, designed to help Australian citizens calculate the taxes they owe on their cryptocurrency transactions. We highly recommend giving this tool a try if you are looking for an easy way to figure out your tax obligations related to digital currencies.