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SBF Opens Aussie Blockchain Week as Government Says We’re ‘Open for Business’

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FTX CEO Sam Bankman-Fried delivered the opening remarks at this year’s Blockchain Week, with day one’s events taking place at the headquarters of the Australian Securities Exchange (ASX).

Speaking remotely from the Bahamas, Bankman-Fried used his keynote to announce the launch of FTX Australia, which localizes one of the world’s largest crypto exchanges by volume. FTX is the naming rights sponsor for the event.

“This is something that’s been in the works for a number of months and it’s a really high priority for us as a company.”

According to Bankman-Fried, the Australia launch is part of a larger move for the exchange should be licensed and regulated in as many countries as possible.

He said the world was “very” looking for a regional hub in APAC for crypto, stating that other locations in the region “didn’t work as expected.”

“I think that really created an opening for a place to grab that and serve that region,” he added.

Australia is looking market themselves as a crypto hubwith comments from Federal Minister for Financial Services and Digital Economy, Senator Jane Hume, noting that the country is “open to business” when it comes to cryptocurrencies.

In her address at the conference, Hume said that the crypto ecosystem is the new frontier, adding:

“If you want to be a pioneer at the virtual frontier of innovation, Australia is open to business. As Minister for the Digital Economy and Minister for Financial Services, I personally stand behind you.”

The comments echoed those of her colleague, Senator Andrew Bragg, who delivered the opening address to the conference. Bragg used his speech to do so announce the proposed legislation Reforming the regulations for Decentralized Autonomous Organizations (DAOs), de-banking, taxes and licensing for crypto firms in Australia.

Related: Australia’s plan to create a crypto competitive advantage in 12 steps

Comparing crypto to the internet boom of the late 1990s, Hume stated that the digital asset economy could contribute around 2.6% to Australia’s GDP and create around 200,000 new jobs by 2030, warning that Australia could “miss out” if the regulatory framework is applied incorrectly.

“We want to encourage innovation in crypto assets because innovation creates wealth, it creates jobs and economic growth.”

“There are so many innovative use cases for crypto assets, many of which are not far from going mainstream now,” she said.

According to the latest opinion opinion poll, the current government sits a full 10 points behind the opposition on a bipartisan preference basis. An upcoming federal election in May could jeopardize Senators Bragg and Hume’s plans, but a pro-crypto stance could be governments’ strategy for re-election and attracting younger voters to the coalition.

Other notable speakers on day one of the five-day Blockchain Week event include Kris Marszalek, CEO of Crypto.com, Leigh Travers, CEO of Binance AU, Brooks Entwistle, SVP of Global Customer Success and Managing Director of APAC and MENA at Ripple, and Joseph Lubin , co-founder of Ethereum.

https://cointelegraph.com/news/sbf-opens-aussie-blockchain-week-as-govt-says-we-re-open-for-business SBF Opens Aussie Blockchain Week as Government Says We’re ‘Open for Business’

Fry Electronics Team

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