Professor Konstantinos Stylianou comments on Australia's recently introduced regulation for cryptocurrency
Professor Stylianou offers his expertise on cryptocurrencies and blockchain as many countries, including the UK and the USA, have introduced cryptocurrency regulation with the turn of the decade.
Australia has followed suit with their Department of Industry, Science, Energy and Resources launching the national blockchain roadmap. Australia have outlined and defined how blockchain technology has the potential to benefit the country’s economy in the report entitled ‘The National Blockchain Roadmap: Progressing towards a blockchain-empowered future’.
The roadmap is not a legally binding document but aims to offer guidance. Professor Stylianou, Associate Professor in Competition Law and Regulation, and the Deputy Director of the Centre for Business Law and Practice, explains that “The national blockchain roadmap is an aspirational document that lays out the government’s vision on how to maximize blockchain’s promise for the country. It is not binding, and it does not contain specific actionable points, just general steps and priorities.”
Several aspects of Australia’s blockchain roadmap reflect the strategies implemented by other countries. However, due to the lack of legally binding content, Professor Stylianou remains sceptical that the roadmap will trigger any drastic changes.