Australian companies have been at the forefront of private sector blockchain innovation. Australia ranks 6th globally for blockchain-related patent filings. We have the 8th highest adoption rate of cryptocurrency in the world for retail investors, with 23 per cent of our population having owned cryptocurrency.
Blockchain needs to be regulated properly before more investors take the plunge. Yet, the Albanese government is still missing despite its earlier pledges.
The year is almost over, and the frustration of business and investors is understandable.
The government’s inaction is also hurting local industry, putting billions of dollars of investment and thousands of future jobs at risk.