December 2017 Newsletter
In this edition
- 2017 – The Year Blockchain went Mainstream
- 2nd Annual APAC Blockchain Conference – Melbourne, March 13-15, 2018
- AML Regulation Unlocks Safe Growth of the Digital Currency Sector
- Welcome 12 New ADCA members
CEO’s message 2017 – The Year Blockchain went Mainstream
As 2017 draws to a close, we have three key pieces of evidence just in December alone that 2017 really marks the year that blockchain and DLT technology has started to go mainstream.
Firstly, the ASX has confirmed that it will proceed with the replacement of the CHESS clearing and settlement platform using a DLT solution developed in conjunction with Digital Asset Holdings. This is the first such move anywhere in the world and reflects the outcome of an extensive due diligence process by both the ASX and relevant regulators.
Secondly, Novatti has announced a collaboration with Chinese banking and blockchain technology Gingkoo to build and market joint solutions. This is a great example of the potential for collaboration between Australian and Chinese blockchain innovators that ADCA has been promoting. We are especially proud that key early steps for the collaboration were made during the ADCA and AUSTRADE joint blockchain mission to China in September.
And finally, December also saw the passage of updated AML/CTF laws that will regulate the digital currency sector. This is an important change as it provides necessary AML/CTF protections while providing business certainty to operators of digital currency exchanges, banks, regulators and everyday Australians. ADCA has been proud to work with the Attorney-General’s Department and AUSTRAC in helping to ensure that the new regulatory regime is as effective as possible.
Other key Australian blockchain achievements in 2017 included the hosting by Standards Australia of the first Blockchain and DLT Technical Committee meeting, the launch of the Vulcan solution by PWC, the launch of a bank guarantee product by ANZ and Westpac and the successful ICO by Powerledger.
ADCA too had a strong year, with key achievements including:
- launch of Digital Currency Industry Code of Conduct;
- inaugural APAC Blockchain Conference;
- ADCA-led blockchain delegations to Consensus in New York and Wanxiang Global Blockchain Conference in Shanghai;
- expansion of the Global Blockchain Forum to include new members from New Zealand, PNG and India.
- formation of the ADCA Industry Advisory Council
- support for the formation of the Parliamentary Friends of Blockchain.
Excitingly, we almost doubled membership numbers to 71 companies and are well on track to reach 100 by the end of the financial year.
There is much more to do to build Australia’s place as a leader in the implementation of blockchain and distributed ledger technology. 2017 was the year that blockchain went mainstream. 2018 will see even faster and more significant change.
And ADCA will be there to play our role in promoting responsible adoption of blockchain technology in Australia.
APAC BLOCKCHAIN CONFERENCE – NATIONAL AND INTERNATIONAL THOUGHT LEADERS
ADCA is delighted to partner with Quest Events to present the 2nd Annual APAC Blockchain Conference. In 2018, the event will be held in Melbourne from March 13 to 15.
The line up of international thought leaders will offer valuable insight into blockkchain adoption trends and opportunities around the world. We are especially excited to have Vincent Wang, the Chief Innovation Officer of Wanxiang Group and Da Hongfei, the Founder and CEO of NEO, offering their perspectives on blockchain use cases in China. Australian companies simply cannot afford not to know what is happening in China.
Dr Robert Kahn, the co-developer of the TCP/IP Protocol and a true “Father of the Internet” will share his insight into how blockchain and DLT technology can complete the vision for the internet by solving for trust. Patrick Byrne, CEO of Overstock, will outline plans to transform securities markets.
And we are still working to secure a few more exciting international speakers!
Craig Laundy, the Assistant Minister for Industry, Innovation and Science, will outline Government plans to foster the adoption of blockchain technology and Ed Husic will provide an Opposition perspective. Other key Australian thought leaders include Dr Philippa Ryan, Craig Dunn and Rachel de Sain.
These and a full line up of many more of Australia’s leading blockchain thinkers and innovators means that the APAC Blockchain Conference is Australia’s premier blockchain event.
To see the full programme and purchase tickets, visit the APAC Blockchain Conference website.
I look forward to welcoming you there!
AML Regulation Unlocks Safe Growth of Digital Currency Sector
Amendments to Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws that passed this month will facilitate the accelerated and safe growth of the innovative digital currency sector.
ADCA, which represents most Australian digital currency businesses, welcomes the move to formally regulate the digital currency sector that requires digital currency exchanges to register with AUSTRAC and meet AML policy and reporting obligations.
ADCA has been calling for formal regulation of digital currency businesses in Australia since its inception and has been pleased to work with the Australian Government in an extensive consultation process to help ensure that not only the legislation but also the detailed regulation that will follow is as effective as possible.
ADCA is proud of the fact that our members have been voluntarily adhering to AML/CTF protections for several years ahead of today’s legislation and have adopted a consistent, best-practice approach through the Australian Digital Currency Industry Code of Conduct. This will make the transition to the formally regulated environment straight-forward for ADCA members as they already apply AML/CTF safeguards.
The legislation, which will take effect from April 1, 2018, means that the digital currency sector faces an equal regulatory playing field with other industries. It combines appropriate AML/CTF protections with business certainty for a growing and dynamic sector.
Importantly, it will give the banking sector the confidence of knowing that digital currency exchanges are now regulated under AML/CTF provisions essentially identical to their own. This should mean that banks can now enter into stable commercial partnerships with digital currency businesses that benefit all parties.
Welcome to our new members
A warm welcome to our new members.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations.
Bitcoin Trader is a Cryptocurrency brokerage firm providing buy and hold strategies for high volume investments. As the world transitions to a digital economy, we facilitate investment solutions throughout the entire cryptocurrency acquisition process: buy, comply, store, secure & insure.
blueshyft is a network of 1,200+ retail locations around Australia, all equipped with an iOS based platform that allows customers to use cash to pay for digital goods and services.
Established in 2017 D Coin was born from the shared passion of its Perth based founders and team to enable our investors access to the outstanding opportunities available in the digital currency space.
Hcash foundation aims to help educate individuals, schools, universities, businesses, charities, and all areas of local, state, federal, and overseas governments to help them better understand Hcashs technology. Through understanding and integration, Hcash can be used to connect and improve the world around us.
Hopgood Ganim Lawyers
HopgoodGanim Lawyers is a full service commercial law firm. We operate nationally from our two key locations of Brisbane and Perth.
We offer highly skilled and agile legal teams who understand, and work at, the intersection of technology and the law.
ING is Australia’s Most Recommended Bank.
We continue to reinvent the way Australians bank by delivering simple, straightforward and good value products. ING is part of the world’s leading bank, and is wholly owned by ING Group, based in the Netherlands.
Johnson & Johnson
Caring for the world, one person at a time, inspires and unites the people of Johnson & Johnson. We embrace innovation-bringing ideas, products and services to life to advance the health and well-being of people around the world.
Established in 2013, the Lakeba Group is a Start-up Studio or “Reverse Incubator” with an innovative business platform for creating, building and scaling disruptive, digital solutions. The Lakeba Group identifies industry problems and opportunities, developing scalable digital platforms that are rapidly commercialised to transform industries across the globe.
LEX Exchange has been formed specifically with the intention of providing innovative, cost effective and highly secure cryptocurrency exchange services to the rapidly growing marketplace of cryptocurrency buy/sell services.
myCryptoWallet is an Australian based digital currency service seeking to become a world leader in blockchain commerce solutions. By offering a fiat deposit/withdrawal enabled wallet service, combined with a live marketplace and an instant exchange, myCryptoWallet provides customers all the tools they need to take control of their digital wealth.
NCX is a Digital Cryptocurrency Exchange based in Perth, Australia where investors, traders and everyday people come to buy and sell Bitcoin and Ethereum online.