Blockchain Australia Rebrands to DECA, Expands Focus
In A Nutshell
Australia’s leading crypto advocacy group, Blockchain Australia, has undergone a transformation, adopting a new name—the Digital Economic Council of Australia (DECA). This move reflects a broader ambition to encompass a wider area of the digital economy beyond blockchain, reaching out to fintech companies and banking institutions. This rebranding coincides with a change in leadership, with Amy-Rose Goodey stepping into the role of managing director following Simon Callaghan’s departure. The organization’s expansion into new sectors, including digital ID, AI, Web3, and cybersecurity, signifies its evolution in line with the dynamic digital landscape.
New Horizons for DECA
The rebrand to DECA marks a strategic shift towards inclusivity, aiming to bridge the gap between traditional financial institutions and the burgeoning digital economy. Goodey’s comments at Sydney’s Blockchain Week underscored the necessity of this evolution, highlighting the diversification of the digital sector and the need for its representation under one umbrella. DECA now aims to offer eight membership categories, touching on government, charity work, payments, banking, and of course, crypto and Web3, reflecting its commitment to fostering a holistic digital economy.
Fostering Collaboration Amidst Tensions
DECA’s launch comes at a time of growing discord between Australia’s major banks and the crypto sector, with several banks, including the “Big Four,” implementing measures to block transactions to and from crypto exchanges due to scam concerns. This standoff has not only strained relationships but has also prompted warnings from the Treasury about the potential risks of driving crypto businesses underground. DECA’s initiative to include banks as members signifies a step towards reducing friction and enhancing dialogue between traditional and digital financial sectors.
Regulation: A Key to Confidence and Growth
The call for a regulatory framework for the digital assets market is louder than ever, with DECA emphasizing its importance for building confidence and reducing risk aversion among banks towards crypto. The Australian Senate Committee on Economics Legislation’s recent decision to reject the crypto-regulating bill underscores the ongoing debate and the need for continued industry consultation to craft appropriate regulations. DECA’s leadership believes that establishing a clear regulatory environment is crucial for the digital economy’s growth and stability.
Our Take
DECA’s emergence is a pivotal moment for Australia’s digital and fintech sectors. It represents a strategic pivot towards inclusivity and collaboration, addressing the growing need for a unified voice in the rapidly evolving digital landscape. While challenges remain, particularly in harmonizing the relationship between the crypto world and traditional banking, DECA’s efforts to foster dialogues and push for regulatory clarity are steps in the right direction. The focus on a broad-based membership and the inclusion of a diverse array of digital economy stakeholders could pave the way for innovative solutions and stronger, more resilient digital economic structures in Australia. The journey ahead is complex, but with concerted effort and collaboration, the promise of a thriving, inclusive digital economy is within reach.
Sources
– Sydney’s Blockchain Week announcements
– DECA leadership comments
– Australian Senate Committee on Economics Legislation report
