Australia’s leading cryptocurrency lobbying group drops ‘blockchain’ from name

Blockchain Australia, Australia’s leading cryptocurrency industry body, has declined to mention the technology in its name and changed its name to the Digital Economy Commission of Australia (DECA) in a bid to attract more fintech companies and banks.

The rebranding comes as CEO Simon Callaghan steps down and former head of operations Amy-Rose Goodey takes on the role of managing director.

“Originally we had a lot of focus on the digital asset business, which was our main group, but we’ve expanded significantly,” Goodey told Cointelegraph at Sydney’s Blockchain Week, which will change its name to the “Digital Economy Conference” next year.

“As the industry evolves, so must we,” she added. “We have digital identity, we have AI, we have Web3, we have consultants, we have cybersecurity. All of these different businesses need to feel like they are reflected in the association.”

DECA plans eight membership categories, including Cryptocurrency & Web3, Tokenization, Government & Charity, and Payments & Banking.

The group’s broader mission to try to court payments and banking companies comes after a rift between the country’s banks and crypto companies widened.

Last year, Australia’s “big four” banks – Commonwealth Bank, Westpac, National Australia Bank (NAB) and Australia and New Zealand Banking Group (ANZ) – along with smaller banks like Bendigo Bank, all blocked certain payments to cryptocurrency exchanges. I started doing it. Mention the risk of fraud.

Binance Australia quickly cut off its banking services last year after payments provider Cuscal told the cryptocurrency exchange’s payments partner Zepto to cut ties. The Treasury even warned that these banking disruptions could “force businesses underground.”

“This is one of the main reasons we need regulation,” Goodey said.

She added that banks should also become familiar with cryptocurrencies. “They’re risk averse, so they have to do their own due diligence.”

“I can’t say what they’re doing is right, but I understand,” she added.

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“Once we have that framework, it will create confidence in the market,” she said. “We need that confidence. We need that framework.”

Last September, the House of Lords Economic Legislation Committee rejected the Digital Assets (Market Regulation) Bill 2023, which would regulate cryptocurrencies, and instead recommended the government “continue to consult with industry on the development of fit-for-purpose digital asset regulation.”

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Additional reporting by Ciaran Lyons.