skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,421.37 0.01%
ethereum
Ethereum (ETH) $ 3,468.23 0.94%
tether
Tether (USDT) $ 0.998795 0.17%
xrp
XRP (XRP) $ 2.28 1.85%
bnb
BNB (BNB) $ 703.06 1.19%
solana
Solana (SOL) $ 197.98 0.12%
dogecoin
Dogecoin (DOGE) $ 0.330793 1.35%
usd-coin
USDC (USDC) $ 0.999655 0.19%
staked-ether
Lido Staked Ether (STETH) $ 3,463.33 0.86%
cardano
Cardano (ADA) $ 0.912403 3.20%

Australian State Treasury Proposes ‘Flexible’ Regulatory Reform for Blockchain

Sydney, the capital of New South Wales, Australia (EQRoy/Shutterstock)

Australian State Treasury Proposes ‘Flexible’ Regulatory Reform for Blockchain

The Treasury Department of New South Wales (NSW), an Australian state, is exploring regulatory reform for blockchain and other emerging technologies.

  • A new research paper released on Tuesday reveals the state government’s concerns over falling behind on disruptive technologies like blockchain.
  • The current climate of “uncertainty” has given way to unexpected scenarios, prompting the need to update regulations around such emerging technologies, the paper reads.
  • The Treasury acknowledged regulators need to catch up, saying falling behind the times is a growing problem.
  • The NSW Treasury is responsible for the management of the state’s finances, advising on policy and developing governance frameworks, and supplying analysis and advice to industry.
  • With traditional regulatory models that oversee industry risk being challenged by societal changes, technological advancements and economic circumstances, the department recommends an “outcome-based” regulatory approach.
  • Such a model would provide “flexibility” for businesses to innovate and show appreciation for the potential of emerging technologies, without the need to seek approval from regulators.
  • An acceleration of reforms could bring benefits worth $4 billion for the NSW economy stemming from a 5% cut in regulatory compliance costs for emerging tech providers, the Treasury suggested.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top