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Blockchain Week 2024 PDF Free Download

Blockchain Week 2024 PDF free Download. Think more deeply and widely.

W W W . B L O C K C H A I N A U S T R A L I A . O R G # B W 2 0 2 4

THANK YOU

S P O N S O R S

BLOCKCHAIN WEEK 2024

HEADLINE

MAJOR

THANK YOU

S P O N S O R S

BLOCKCHAIN WEEK 2024

CONTENTS

TABLE OF

Day 1 - ACS

From Managing Director

Gala Dinner

Afterparty

Breakfast - Parliament House

Day 2 - EY

Q&A Forum - Parliament House

Coming Up

FROM THE MANAGING DIRECTOR

Amy-Rose Goodey

As we reflect on the journey of Blockchain Australia, it is with great enthusiasm that I

introduce this report on Blockchain Week 2024. This year marks a pivotal moment as we

transition to the Digital Economy Council of Australia (DECA). This rebranding signifies a new

chapter, highlighting the foundational role of Blockchain, Distributed Ledger Technology

(DLT), and digital assets in driving the Australian digital economy.

Since our inception, Blockchain Australia has been at the forefront of advocating for

blockchain technology. We have witnessed its transformative impact across industries,

revolutionising financial services, enhancing supply chain transparency, and securing

digital identities. These real-world use cases have laid a strong foundation for a future

where DLT and digital assets are integral to our economic infrastructure.

The decision to rebrand as DECA reflects our broader mission to support the entire digital

economy. We remain committed to our members and the businesses leveraging DLT,

blockchain, and digital assets. Our focus now encompasses a wider range of digital

technologies, ensuring we champion innovation, foster collaboration, and drive integration

across all sectors.

Thank you for your continued support and participation. Together, we are shaping the future

of the digital economy.

ACS

DAY 1 overview

Day 1 of Blockchain Week 2024 at ACS highlighted real-

world use cases and how Distributed Ledger Technology

(DLT), blockchain, and digital assets are building the

digital economy:

Transformative Real-World Applications: Numerous

sessions highlighted concrete examples of how DLT

and blockchain are being implemented across various

industries. From supply chain management to

healthcare, these technologies are improving

transparency, efficiency, and security in real-world

applications.

Tokenisation of Assets: The tokenisation of physical

and digital assets emerged as a significant theme.

Speakers discussed how tokenising assets like real

estate, art, and commodities can enhance liquidity,

reduce transaction costs, and open up new

investment opportunities, thereby contributing to the

digital economy.

Enhanced Financial Services: The integration of

blockchain in financial services was a major focus.

Real-world use cases such as cross-border payments,

decentralised finance (DeFi) platforms, and

blockchain-based lending were showcased,

demonstrating how these technologies are

revolutionising traditional financial systems and

fostering financial inclusion.

Digital Identity and Security: Discussions also covered

the role of blockchain in digital identity verification and

security. Examples included blockchain-based identity

solutions that enhance privacy, reduce fraud, and

streamline processes in sectors like banking, travel,

and healthcare, highlighting their importance in

building a secure digital economy.

Regulatory Advancements and Industry

Collaboration: The importance of regulatory

advancements and industry collaboration was

underscored. Real-world examples of successful

regulatory frameworks and partnerships between

blockchain companies, financial institutions, and

regulators were presented, showing how these

collaborations are critical for the growth and stability

of the digital economy.

Day 1 was proudly sponsored

and hosted by the Australian

Computer Society (ACS). 6

THANK YOU TO SIMON

CALLAGHAN

We thank Simon Callaghan for his

exceptional leadership as CEO of

Blockchain Australia. His tenure was

marked by enhanced government

engagement, restored industry

reputation, and strong member

support. Simon's efforts in fostering

bipartisan political engagement,

establishing working groups, and

promoting inclusivity have

significantly strengthened the

organisation. We appreciate his

dedication and wish him success in

his future endeavours.

Amy-Rose Goodey was appointed Managing Director of Blockchain Australia during

Blockchain Week 2024 and announced the transition of Blockchain Australia to the Digital

Economy Council of Australia (DECA). Goodey explained that this evolution

acknowledges the foundational role of Blockchain, Distributed Ledger Technology (DLT),

and digital assets in powering the Australian digital economy. The rebranding

underscores a commitment to supporting and advocating for members and businesses

leveraging these technologies.

DECA will champion innovation, collaboration, and the integration of DLT, Blockchain, and

Digital Assets across various sectors, ensuring they remain central to Australia's digital

future. DECA will also introduce new membership categories to ensure inclusivity and

better representation of various domains, focusing on key industry concerns such as fit-

for-purpose regulation, credible information, and attracting top talent. This strategic shift

aligns with the government's "Future Made in Australia" strategy, supporting

technological advancements and economic growth.

Amy-Rose Goodey, MD Blockchain Australia

The Evolution of Blockchain Australia into the Digital Economy Council of Australia

Opening Blockchain Week 2024, leaders highlighted blockchain's

transformative potential for the digital economy. They emphasised

blockchain's role in enhancing productivity, efficiency, and trust

across various sectors. The discussions underscored the

importance of innovation, collaboration, and early engagement with

regulators to harness the benefits of blockchain technology and

ensure Australia's leadership in the global digital landscape.

WRAP

session

It was a pleasure to hear from Jonathan Hatch, Senior

Advisor at ASIC Innovation Hub, during Blockchain

Week 2024. Hatch emphasised the vital role of ASIC’s

Innovation Hub in supporting the blockchain industry

while ensuring consumer protection. Over the past

decade, ASIC has guided nearly 1,000 entities across

fintech, regtech, and blockchain.

Hatch stressed the importance of early engagement

with ASIC to navigate regulatory challenges and

foster innovation. He reiterated ASIC’s commitment to

maintaining a balanced regulatory environment and

taking action against bad practices.

Hatch encouraged ongoing dialogue with ASIC to

ensure the growth and success of blockchain projects

in Australia, highlighting the need for industry

collaboration to achieve better outcomes for

consumers. His address underscored ASIC’s

dedication to supporting the digital economy and

fostering a collaborative regulatory approach.

Jonathan Hatch – ASIC

ASIC Innovation

Dr Andrew Charlton delivered a compelling address

highlighting the transformative potential of

blockchain technology for Australia. He stressed the

urgent need to boost productivity growth, noting a

decline from 2.1% in the 1990s to near zero in recent

years. Charlton emphasised blockchain's ability to

enhance transparency, trust, and efficiency across

sectors like logistics, healthcare, and finance. He

underscored the importance of a robust regulatory

framework to foster innovation while ensuring

consumer protection, highlighting that blockchain

could add up to $60 billion annually to the Australian

economy.

Charlton called for strategic collaboration between

the government and industry to create a modern

regulatory environment supporting innovation, jobs,

and investment. He pointed out Australia’s strengths

as a regional financial hub and the need to leverage

these opportunities in the digital economy.

Additionally, he stressed the importance of

developing digital skills and attracting tech talent to

support this growth. His message was clear: strategic

action and collaboration are crucial to unlocking the

full potential of blockchain technology and securing a

prosperous future for Australia.

1Address by Dr. Andrew Charlton MP

Federal Member for Parramatta,

Chair Parliamentary Friends of

Blockchain

Dr. Andrew Charlton MP

David Cook from ACS stressed

the necessity of developing

balanced regulatory frameworks

that support innovation while

ensuring compliance,

advocating for an environment

conducive to the growth of the

blockchain industry. This session

underscored the critical role of

blockchain builders within the

Australian Computer Society in

advancing technological

innovation and sustainability.

Alison Goss from Protocol

Theory delivered a powerful

session at Blockchain Week,

emphasising the importance

of maintaining a customer-

centric focus in the digital age.

She challenged attendees to

view solutions through the

eyes of their customers, urging

them to continually assess the

value and impact of their

innovations. Goss highlighted

that true technological

advancement is achieved

by solving real problems for

customers and integrating

their voices into every

discussion. By reconnecting

businesses with their

customers, Protocol Theory

aims to drive growth and

reduce costs. Goss concluded

by encouraging curiosity,

boldness, and fresh

perspectives in all ventures.

The ACS Blockchain Builders panel highlighted the innovative

ways blockchain technology is being leveraged. Stefano

Tempesta discussed the transformative potential of blockchain

in financing carbon removal projects, connecting small

developers with large corporations to meet the demand for

carbon offsets. Andrew Collins from Nansen emphasised the

role of data analytics in driving better decision-making and

transparency within the blockchain ecosystem.

3Alison Goss -Protocol Theory

Insights from Blockchain Australia's

Industry Analysis

4The Blockchain Builders of ACS

[MOD] Rachael Jones - Cavalry Consulting

Andrew Collins - Nansen

Stefano Tempesta - ACS

David Cook - ACS

The "What on Earth Are You

Building?" panel, moderated by

Amanda Austin from Helix

Collective, delved into the

innovative projects being

developed in the blockchain

space.

Scott Chamberlain discussed

Evernode, a decentralised public

infrastructure network facilitating

scalable dApps. He explained,

"Evernode is incredibly flexible

because it's effectively a

mechanism for turning apps into

dApps," highlighting the network's

ability to run multiple instances of

applications across different

machines.

Joe Rocca of Labrys highlighted

various blockchain applications,

emphasizing practical use cases

over tokenisation without

purpose. He shared, "A lot of

people just want to slap web3 on

their product so that they can get

more investors and more users.

And I think that's just really the

problem."

Karthick Raghavan from Block

Majority showcased their work on

scalable, customisable

blockchain solutions, stressing

innovation's role in addressing

real-world needs. He noted, "The

opportunities are huge. Of course,

it's easier said than done, but

keeping pace with innovation is

critical."

The panel underscored the

importance of creating

meaningful blockchain solutions

that address genuine industry

challenges and enhance

efficiency, transparency, and

security in various sectors.

Discussions ranged from

programmable assets to

decentralised marketplaces and

financial networks, all aimed at

leveraging blockchain technology

to solve real-world problems.

Innovative blockchain

projects focus on

customer-centric solutions,

purposeful applications,

and addressing real-world

needs with advanced

technology.

5Amanda Austin - Helix

Karthick Raghavan - Block Majority

Jo Rocca - Labrys

Scott Chamberlain - Evernode Labs

What On Earth Are You Building?

"We have the power to

develop our own solutions.

That's what decentralised

technology lets you do –

take control and innovate

without middlemen."

Scott Chamberlain – Evernode

La b s

1 0

He pointed out that the

convergence of AI and

blockchain is poised to

revolutionise various

sectors, particularly in

finance and healthcare, by

improving efficiency and

transparency. The panel

collectively underscored

the necessity of genuine

use cases, early

experimentation, and

thoughtful integration of AI

and blockchain to drive

business efficiencies.

Key takeaways from the

session include the need to

identify and solve real-

world problems using these

technologies, the

importance of early and

continuous

experimentation, and the

potential of AI to

significantly enhance

blockchain applications.

The discussion also

highlighted the critical role

of regulation in fostering

innovation and ensuring

safe adoption, predicting a

wave of resources and

mainstream interest once

regulatory frameworks are

in place.

The session "Building

Tomorrow: Integration

Cloud, DLT, AI, and

Automation" focused on

the convergence of these

technologies and their

transformative potential.

Moderated by Alyse Sue,

the panel featured Drew

Bradford, Caroline Page

and Ben King.

Ben King emphasised how

AI can simplify blockchain

usage and lower entry

barriers by providing quick

insights from complex

blockchain data. Caroline

Page discussed the

trustless nature of

blockchain protocols and

their implications for

corporate transparency

and data ownership. She

highlighted how

entertainment and

gaming, like Zed Run, can

engage users and

promote blockchain

understanding.

Drew Bradford stressed the

importance of clear

regulations to enable

mainstream corporate

adoption of blockchain

technologies.

[MOD] Alyse Sue -Transhuman

Coin

Drew Bradford - Catena Digital

Caroline Page - Virtually Human

Ben King - Aviato Consulting

Building Tomorrow:

Integration Cloud,

DLT, AI and

Automation

1 1

He discussed the range of eligible

services and products, including non-

cash payment facilities, deposits,

securities, managed investment

schemes, superannuation, and

insurance. Marangoly stressed the

importance of meeting the net public

benefit and innovation tests, which

require applicants to demonstrate the

innovation and consumer benefits of

their proposals.

Several blockchain businesses are

currently testing within the ERS, such as

a peer-to-peer payment system, a

reward loyalty program using

proprietary tokens and NFT coupons on

the Polygon blockchain, and a buy-

now-pay-later provider facilitating

crypto-fiat settlements. Marangoly's key

message was clear: “The ERS offers a

unique opportunity for blockchain

businesses to innovate and test their

solutions in a real-world environment

with the support and oversight of ASIC.”

He concluded by encouraging

businesses to reach out to the

Innovation Hub for guidance on

benefiting from the ERS, reinforcing

ASIC's commitment to fostering

innovation in the financial services

sector while ensuring consumer

protection and market integrity.

George Marangoly - ASIC

Australia’s Enhanced

Regulatory Sandbox

George Marangoly detailed the Enhanced Regulatory Sandbox (ERS), emphasizing its

pivotal role in supporting blockchain innovation. The ERS provides a framework for

businesses to test blockchain solutions with real customers and money, without requiring

a financial services license for up to two years. Marangoly highlighted the advantages of

the ERS over traditional licensing, such as quicker decision times, simpler application

processes, and no fees. Eligible entities include unlicensed businesses, Australian citizens,

foreign companies, and existing licensees looking to test new products.

“The ERS offers a unique

opportunity for blockchain

businesses to innovate and

test their solutions in a real-

world environment with the

support and oversight of

ASIC.”

Georg e Marang oly -

ASIC

1 2

Dongliang Guo from Alibaba Cloud

emphasised the critical role of cloud

infrastructure in driving digital transformation,

especially in AI, blockchain, and digital

security. Highlighting Alibaba Cloud’s

extensive decentralised infrastructure, he

noted its 38 regions and 89 availability zones,

essential for supporting global applications,

particularly in Southeast Asia and the Middle

East. "Blockchain is a decentralised

technology, and we need this kind of

infrastructure to support that," he remarked.

Guo detailed Alibaba Cloud’s data

management capabilities, crucial for handling

the massive data generated by digital

platforms. He discussed technologies like

PolarDB, Alibaba's relational database, and

their big data computing capabilities, which

manage vast clusters of nodes for data

processing and analysis. "All business is data,

and all data is business," he stated,

underscoring the importance of efficient data

management to avoid creating data swamps.

Security was another focal point, with Guo

stressing Alibaba Cloud’s comprehensive

measures, protecting 14% of global websites

and mitigating billions of attacks daily. Key

features include Know Your Customer (KYC)

processes, private key security for digital

wallets, anti-money laundering mechanisms,

and smart contract reviews. These ensure

secure operations on the cloud, vital for

sustainable growth in the web3 space.

On AI, Guo highlighted Alibaba Cloud's

leadership in AI innovation, offering models as

a service and contributing to open-source

communities. "Openness is very important to

make it happen," he noted, referencing

Alibaba’s models available on platforms like

GitHub and Hugging Face.

Guo shared case studies of global web3

companies using Alibaba’s data and security

capabilities. These companies benefit from

Alibaba Cloud’s robust infrastructure and

comprehensive support, enabling them to run

complex business systems and protect

against cyber threats.

8Dongliang Guo - Alibaba Cloud

Intelligence International

How Cloud Infrastructure

Facilitate Web3 x AI

1 3

Debbie Yuen, taking the stage with infectious enthusiasm, led a riveting discussion on the fusion of

traditional finance and cryptocurrency. The panel featured industry experts: Charlie Karaboga from

BlockEarner, Chandra Hang from Vield, Andrew Grech from Wayex, and Alek Trpkoski from Byte Federal

Australia.

Charlie highlighted the innovation of crypto-backed loans, bridging traditional finance with blockchain to

enable users to secure loans without selling digital assets. Alek shared surprising user demographics for

Byte Federal's crypto kiosks, noting a significant female user base aged 45 to 75.

Chantra emphasised the unique community-driven nature of the crypto world, illustrating the intangible but

powerful value these subcultures bring to the industry. Andrew underscored the necessity of balanced

regulation to protect consumers while fostering innovation, envisioning a future where digital and traditional

finance seamlessly integrate.

As the discussion progressed, the panelists collectively painted a vivid picture of a rapidly evolving financial

landscape. Their insights underscored the transformative potential of cryptocurrency, not as an isolated

phenomenon but as an integral part of the broader financial ecosystem.

Debbie Yuen - Global Brand and Growth

Andrew Grech - Wayex

Alek Trpkoski - ByteFederal Australia

Charlie Karaboga - Block Earner

Chantra Hang - Vield

Magic Internet Money:

The Killer Use Case

10 Shane Brunette-Crypto Tax Calculator

DEMO- CRYPTO TAX CALCULATOR

Shane Brunette from Crypto Tax Calculator delivered an

engaging and insightful presentation on the intricacies of

crypto tax. He highlighted the enduring presence of tax,

regardless of changes in the financial landscape, and

emphasised the importance of accurate transaction

records. Brunette explained the complexities of

reconciling crypto transactions, using examples to

illustrate how misreporting can lead to significant tax

liabilities.

He stressed that accurate crypto tax software must

account for the entire transaction history to provide a

fully auditable purchase history, ensuring users can

substantiate their tax positions.

The focus on accuracy over ease is crucial to avoid

penalties from tax authorities. Shane concluded by

underscoring the need for comprehensive education and

robust software to navigate the evolving regulatory

environment, ensuring that users are well-prepared for

potential audits.

1 4

Effie Dimitropoulos of AUDD, Novatti Group, set

an engaging tone with a discussion on the

evolution of the digital economy. Effie, who has

a robust background in payments, highlighted

the increasing role of fintechs and digital

exchanges in reshaping financial landscapes.

She remarked on the global trend of moving

value in new ways through blockchain and

other technologies.

Ashima Chaudhary from Mastercard

emphasised the need for compliance and

regulatory clarity to drive large-scale

adoption of blockchain-enabled payments.

She noted, “We see the need for a stable

source of value to drive payment exchange.”

Ashima also highlighted Mastercard’s

initiatives, such as enabling consumers to

spend stablecoins globally and integrating

crypto payments with Metamask.

Rob Waugh of Cloudtech Group discussed

their focus on elevating financial services onto

blockchain, highlighting the launch of a

stablecoin in Australian dollars and the

potential of tokenising real-world assets. Rob

pointed out, “Stablecoins have a massive use

case just to get investors their money quicker.”

Vakul Talwar from crypto.com shared their

journey from launching a Visa card product to

becoming a leading crypto exchange. He

emphasised the seamless movement of

money across borders and the role of

stablecoins in simplifying global transactions.

Vakul shared, “We basically see like crypto

payments, one of the key things is the

seamless movement of money across

borders.”

11 Effie Dimitropoulos - AUDD, Novatti Group

Vakul Talwar - Crypto.com

Ashima Chaudhary - Mastercard

Rob Waugh - Cloudtech Group

Money in Motion : Financial Technology

in the Global Digital Economy

“We see the need for a

stable source of value

to drive payment

exchange.”

A s hi m a Ch a ud h a r y,

M a s t e r c a r d

1 5

Freddy Elturk, CEO of NoviqTech, introduced NoviqAI, an advanced

platform leveraging both AI and Distributed Ledger Technology (DLT)

built on Hedera. This innovative system aims to enhance

transparency and trust in product sourcing by providing an

immutable record of the entire supply chain process.

Freddy illustrated NoviqAI’s functionality through the example of

purchasing salmon, explaining how the platform tracks a fishing

vessel’s journey, including carbon emissions, geolocation, and

fishing practices. "When I buy a piece of salmon, I want to know it's

fresh and ethically sourced," Freddy emphasised, demonstrating the

value of such transparency for consumers.

NoviqAI uses Vertex AI to gather and filter data, creating detailed

records that consumers can access via QR codes. These codes

reveal essential information about the product, ensuring its

authenticity and ethical sourcing. Freddy highlighted the platform's

broader applicability, saying, "We, as consumers, have the right to

know where our products come from."

Set to launch by the end of the year, NoviqAI plans to partner with

major supermarkets to provide blockchain-based verification for

various products, from food to clothing. Freddy concluded by

inviting further inquiries, underscoring NoviqTech’s commitment to

enhancing consumer trust through cutting-edge technology.

12 Freddy Elturk - Tymlez / NoviqTech

DEMO-Noviqtech

"We, as consumers, have the right to know

where our products come from and

ensure their authenticity through

transparency and trust built on blockchain

technology."

F r e d d y E l t u r k , C E O - N o v i q T e c h .

1 6

"One of the key benefits of tokenisation is

reducing costs and improving efficiency. By

eliminating intermediaries and enabling

direct transactions on the blockchain, we can

achieve greater transparency and more

informed investment decisions."

BLOCKDAEMON

ZJ Ow-Yang

Simon Callaghan - Blockchain Australia

Sean White - XDC Network

ZJ Ow-Yang - Blockdaemon

13 Wallets, Nodes and RWAs: Supporting the New Economy

The session, led by Simon Callaghan, delved into

the transformative potential of blockchain

infrastructure and tokenisation, highlighting how

these technologies are revolutionising the digital

economy.

ZJ Ow-Yang, Blockdaemon’s technical account

manager, illustrated their critical role in providing

robust blockchain infrastructure. “We ensure that

our nodes are always maintained with high

uptime, making blockchain networks reliable and

compliant,” she noted. This reliability is

paramount, especially when supporting over 70

protocols and offering services like staking and

wallet solutions.

Sean White from XDC Network underscored the

importance of blockchain in trade finance. He

emphasised XDC Network’s focus on

institutional-grade infrastructure, particularly for

secure, fast, and compliant transactions. “We’re

bridging the gap between traditional finance

and blockchain, creating a seamless and secure

environment for trade finance,” he explained,

highlighting partnerships with custody providers

like Fireblocks.

The discussion also explored the vast potential of

tokenisation for real-world assets. ZJ Ow-Yang

highlighted benefits such as cost reduction,

increased transparency, and enhanced liquidity.

“Tokenisation opens up the market, making

illiquid assets accessible to grassroots investors,”

she said, emphasising how this can drive

broader blockchain adoption.

Sean White added that tokenisation can

democratise finance, offering opportunities for

small and medium enterprises (SMEs) to access

liquidity. “We’re creating liquidity pools to allow

aggregation and distribution, which is essential

for a robust financial ecosystem,” he explained.

This approach not only enhances efficiency but

also integrates blockchain technology into

everyday financial operations.

Overall, the session showcased how blockchain

infrastructure and tokenisation are not just

technological advancements but essential tools

for modernising the financial system and driving

economic growth.

1 7

Blane Sims, head of product at Truebit, delved into the

"verifiable economy" at Blockchain Week 2024,

underscoring Truebit's role in enhancing transparency

and combating fraud in off-chain transactions. Sims

used a humorous example of trying to buy a car via

ChatGPT to illustrate the missing elements in our

digital asset infrastructure, such as digital IDs, NFTs,

and smart loans.

"The things that digital assets are really good at," he

explained, "are crucial for building a seamless,

automatable experience." Sims highlighted that the

verification technology Truebit offers will be

instrumental in bridging web2 and web3, reducing

fraud, and ensuring transparency.

He elaborated on the importance of interoperability,

noting that a significant portion of today's compute

occurs off-chain and lacks transparency. Verification

technology can provide a clear, immutable record,

crucial for real-world applications like cross-border

payments and asset tokenisation.

Sims also touched on the potential of tokenisation to

democratise various markets, such as remittances

and car-sharing, but noted that traditional forms of

fraud and disconnected data remain significant

challenges. He stressed that building trust through

verification is key to advancing digital assets and

integrating them with existing economic systems.

"Verification as a technology is what's going to

unleash digital assets," Sims asserted, envisioning a

future where machines, rather than humans, verify

digital assets, thus fostering a more efficient,

transparent, and trustworthy digital economy.

14 Blane Sims - Truebit

The Verifiable Economy

1 8

Kate Cooper of Zodia Custody facilitated a vibrant

discussion on digitisation versus tokenisation. Lisa Wade

from Digital X explained, "Digitisation takes processes online,

but tokenisation packages data with smart contracts,

turning it into investment opportunities." Paul Stonham from

myCarbon envisioned tokenisation as the future, noting,

"Shares in Australia have been digitised for 30 years, but

tokenisation offers true ownership and fractionalisation." Rob

Allen from Australian Payments Plus emphasised

blockchain's core principle: "A token on a blockchain means

I have the keys to transfer that asset, demonstrating true

ownership."

The discussion highlighted tokenisation’s potential to

revolutionise financial systems. Lisa Wade predicted a world

of "atomic finance," where all asset transactions occur

seamlessly. She foresees this becoming the norm within

three to five years, transforming traditional finance. Rob

Allen added, "Tokenisation will soon make value transfers as

fundamental as water or electricity for smart cities." The

engaging dialogue underscored the transformative power

of tokenisation, inspiring the audience with its potential to

reshape the financial landscape.

15 [MOD] Kate Cooper - Zodia Custody

Belle Lou - Unizon Blockchain Technology / AHD Lawyers

Lisa Wade - Digital X

Paul Stonham - myCarbon

Rob Allen - Australian Payments Plus

Transforming Assets: The Dual Path of Tokenisation and Digitisation

16 Building a Sustainable

Business in Web3

Renee Francis - Take 3

Renee Francis, founder of Take3, shared insights

on building a sustainable Web3 business,

drawing from her experience in both Web2 and

Web3 marketing. She emphasised the

importance of identifying a niche, like UTX’s

blockchain-based ticketing platform, and

leveraging existing expertise. Developing a solid

brand story, centred on authenticity and trust, is

crucial. Hiring and retaining an 'A' team requires

a compelling vision and clear goals.

Francis also highlighted the need for a strong

marketing strategy, prudent investment in

profitability, and the tenacity to overcome

setbacks. Her mantra: "Just keep swimming,"

encapsulates the resilience needed for success.

1 9

Andrew Vranjes from Blockdaemon and Tommy Honan from Swyftx engaged in a lively discussion

blending industry insights with their natural banter and shared a love for whisky. Andrew kicked off by

outlining Blockdaemon’s mission in the blockchain infrastructure space, managing over 185,000 nodes

and focusing on institutional clients with proper staking and key management services. He highlighted

their strategic partnerships with traditional financial giants like JP Morgan and SoftBank, underscoring

the importance of institutional education and compliance.

Tommy brought in the retail perspective, sharing Swyftx’s challenges and successes in navigating the

Australian crypto landscape. With 750,000 users, Swyftx faces significant regulatory hurdles, unable to

offer services like derivatives trading and crypto earnings due to stringent local regulations. Tommy

expressed frustration over the single point of failure in Australian banking for the crypto industry,

emphasising the need for regulatory clarity and support.

The conversation shifted to international trends, with Andrew noting the robust institutional adoption in

APAC regions like Japan, Korea, and Hong Kong. He shared Blockdaemon’s excitement about DeFi

innovations and the potential of re-staking technologies, which automate and optimise staking

rewards.

Despite the challenges, both speakers remained optimistic about the future. Tommy highlighted the

importance of building trust and delivering seamless user experiences, while Andrew advocated for a

hybrid regulatory model that could propel Australia’s crypto industry forward. They concluded with a

toast to the evolving blockchain landscape, hopeful for more inclusive and supportive regulatory

environments that would allow both institutional and retail players to thrive.

Andrew Vranjes - Blockdaemon

Tommy Honan - Swyftx

17 Whisky & Web 3: A Mildly Inhibited, Honest Take

on the State of the Industry, both Locally and

Internationally

"Blockdaemon’s

infrastructure is

shaping the future

of Web3, with over

185,000 nodes and

groundbreaking

staking solutions."

BLOCKDAEMON

Andrew Vranjes

2 0

Day 1 was proudly hosted

and sponsored by ACS

2 1

Day 2 focused on the critical aspects of

regulation, licensing, and the future of

digital assets in Australia, highlighting the

ongoing efforts to foster a supportive and

transparent environment for innovation

and adoption in the digital economy.

Key Themes included:

Regulation and Compliance:

Emphasis on the evolving regulatory

landscape for digital assets in

Australia, with significant contributions

from ASIC and Treasury outlining

upcoming legislative frameworks and

their implications for licencing and

market oversight.

Custody and Security: Discussions

centered around the importance of

robust custody solutions for digital

assets, highlighting the necessity of

cold storage, insurance, and

compliance to protect consumer

assets and foster trust within the

ecosystem.

E Y

DAY 2

Institutional Adoption: Insight into the

growing institutional interest in digital

assets, driven by the introduction of

ETFs, stablecoins, and structured

products, with a focus on integrating

digital assets into traditional financial

systems and infrastructures.

Consumer Engagement and Education:

Strategies for enhancing consumer trust

and engagement through educational

initiatives, improved user experiences,

and the introduction of innovative

products tailored to diverse consumer

needs within the digital asset space.

Innovation and Future Trends:

Exploration of emerging trends such as

tokenisation of real-world assets,

decentralised finance (DeFi), and AI

integration in blockchain technologies,

with an emphasis on the potential for

these innovations to transform financial

services and drive mainstream

adoption.

2 2

Dr Rhys Bollen spoke about ASIC's role in

regulating digital assets under the current law in

Australia. He explained that ASIC is already the

regulator of financial products and services, and

they take a technology neutral approach in

applying existing legislation to new products

and services, including those that use

blockchain and distributed ledger technology.

However, regulating new technologies often

takes time. ASIC is providing guidance where

possible and monitoring overseas cases to help

clarify how the law applies to crypto assets.

Many crypto products and service providers will

likely need to hold a licence going forward. ASIC

is preparing for potential future law reforms and

continues to support innovation in financial

market infrastructure through research

partnerships.

"Consider whether you need to apply for a

licence. You need to think about when did you

last review the tokens that you list on your

platform? When was the last time you reviewed

the products and services that you are making

available? How recently have you consulted

with your lawyers about where the law currently

sits and what the current understanding is

based on the cases over the last six months or

so. So if you haven't done that in the last 12

months you need to consider where you are at."

Dr Rhys Bollen – ASIC

Chris Adamek is a director from the digital

asset policy unit at the Australian Treasury. He

advised that his team is responsible for

preparing legislative reforms around digital

assets in Australia.

They had released consultation papers on

regulating digital asset platforms and token

mapping. They received many submissions in

response. Adamek explained they are further

developing the proposed regulatory

framework based on feedback.

The exposure draft of legislation is scheduled

to be released by the end of 2024, along with

reforms for stablecoins. This draft will outline

the proposed laws and be open for public

consultation. Following this, the legislation

would be introduced and need to pass both

houses of parliament. Adamek hopes this

process will help improve the framework with

input from stakeholders.

Chris Adamek - Commonwealth

Treasury

Regulatory Update

ASIC

Regulatory Update

Commonwealth Treasury

Day 2 was proudly hosted by EY

2 3

Julian Sawyer from Zodia Custody shared his compelling vision for the future of the crypto custody industry

during Blockchain Week 2024. He envisions an industry that is more global, with a few large custodians

emerging to serve customers around the world. According to Sawyer, specialisation will be critical, with

custodians focusing exclusively on the secure storage of digital assets. Sawyer stressed the importance of

connectivity between custodians, exchanges, and other financial services. He highlighted the need for

industry-wide standards for reporting and transferring assets, which will facilitate seamless interactions

across the ecosystem.

A significant point in Sawyer's vision is the need for a clear definition of what constitutes a crypto custodian.

He argued that similar to the traditional banking sector, having a well-defined role for custodians in Australia

would provide more transparency and protections for customers. “What I would really like is for Australia to be

one of the leading countries and markets where we do have a standard. And we do have consistency in what

a custodian is," Sawyer stated, emphasising his hope for Australia to take a pioneering role in establishing

these standards.

In summary, Sawyer's discussion highlighted three key trends that will shape the future success of crypto

custodians: globalisation, specialisation, and connectivity. By focusing on these areas, the crypto custody

industry can ensure secure, transparent, and efficient services for customers worldwide.

Nicole Waaka moderated a thought-provoking panel discussion

on the barriers to institutional adoption of digital assets during

Blockchain Week 2024. The panel featured key insights from

industry leaders, each highlighting distinct challenges and

opportunities in this evolving landscape. Tim Wilks from CoinSpot

identified regulatory limitations on certain crypto assets as a

primary barrier. He pointed out that larger institutions, like

superannuation funds, will require more time to adopt crypto due

to these regulatory hurdles.

Jason Titman from Swyftx echoed the sentiment on regulation,

emphasising that the industry needs more maturity and

transparency to gain institutional trust. "Institutions are hungry for

return on investment, and their customers are hungry for return on

investment," Titman remarked.

Blake Cassidy from Bamboo focused on the importance of

education. He stressed that institutions need to feel confident in

the asset class before they can fully adopt it. Comprehensive

education about digital assets will be crucial in fostering this

confidence. Jeff Yew from Monochrome shared how their recently

launched Bitcoin ETF in Australia serves as a familiar product for

conservative investors and traditional financial players to gain

exposure to crypto. This move aims to bridge the gap between

traditional finance and digital assets.

The panel broadly agreed that regulatory clarity, cultural change

towards the acceptance of crypto, and continuous education will

be essential in driving broader institutional adoption. These factors

will enhance trust and engagement, paving the way for significant

investments and integration.

3Julian Sawyer - Zodia

The Future of Custody - Safekeeping Digital Assets in Australia

Institutional Adoption of Digital Assets: Barriers and

Pathways to Integration

[MOD] Nicole Waaka – Sixteen

Consulting Group

Tim Wilks – Coinspot

Jason Titman – Swyftx

Blake Cassidy – Bamboo

Jeff Yew – Monochrome

2 4

Keisuke Kimura from the Japan Crypto Asset Business Association provided an insightful overview of

cryptocurrency regulations and the industry in Japan during Blockchain Week 2024. He traced the

regulatory journey back to 2014 when the collapse of Mt. Gox underscored the urgent need for oversight.

In response, Japan introduced a licensing system for crypto exchanges in 2017. This regulatory

framework required exchanges to apply for licenses, ensuring they met specific standards and helping

to prevent client losses.

Japan also established a self-regulatory body to monitor compliance, significantly enhancing the

security and reliability of the crypto ecosystem. As a result, the country has not experienced any major

exchange hacks or significant client losses in the past six years. This stability has bolstered the

government's confidence in the crypto industry, leading to active support and further regulatory

advancements.

One of Japan's notable achievements is its early adoption of stablecoin regulations, positioning the

country as a pioneer in this area. Currently, there are over 10 million crypto trading accounts in Japan,

reflecting a robust and growing interest in digital assets despite past challenges. The regulatory

environment has made Japan an attractive destination for international companies and projects

seeking to establish operations and tap into this promising market.

Kimura expressed optimism about the future, highlighting that major crypto events, such as the

upcoming Blockchain Week in Japan, will further boost interest and engagement in the crypto space. He

believes these events will play a crucial role in educating the public, fostering innovation, and attracting

more participants to the industry.

Overall, Japan's proactive regulatory approach and supportive environment have created a thriving

crypto ecosystem, setting a strong example for other nations. With continued growth and increasing

international interest, Japan is well-positioned to remain a key player in the global cryptocurrency

landscape.

Keisuke Kimura – Japan Cryptoasset

Business Association (JCBA)

5Early Regulators: A Japanese Journey

2 5

Angela Clark moderated a panel on digital asset custody solutions, exploring trends and regulatory impacts.

Kate Cooper from Zodia Custody highlighted the growth of off-exchange settlement solutions and staking

services. Shane Verner from Fireblocks discussed the rise of tokenisation of real-world assets. Ryan McCall

from Zerocap emphasised customer demand for choice in storing assets. Jack Deeb from Pier Two called for

regulatory clarity on custody definitions in Australia. The panel also addressed innovation and regulation

challenges. Ryan McCall warned that over-restrictive rules could limit financial freedom. Kate Cooper stressed

the need for connectivity between providers. Shane Verner noted progress in insurance for digital assets.

Looking ahead, Jack Deeb anticipated an interesting journey for retail custody in Australia, saying, "I think we're

about to see a very interesting journey for the retail custody in Australia." Kate Cooper and Ryan McCall hoped

for more clarity, connectivity, and diverse custody options, avoiding a sole reliance on cold storage.

Overall, the panel emphasised the importance of regulatory clarity, innovation, and an interconnected

ecosystem offering customers choice and confidence in managing digital assets.

Vakul Talwar, General Manager of Crypto.com Australia and

APAC, joined Michelle Levine to discuss how Crypto.com is

driving mass adoption of digital assets through innovation.

Talwar highlighted the company's focus on creating excellent

user experiences while ensuring robust security and regulatory

compliance. Key products discussed included trading

capabilities, staking rewards, and enabling native crypto

payments. Talwar expressed optimism about further

innovation, particularly in tokenised real-world assets. He

emphasised that education is crucial for driving adoption and

helping users understand digital assets.

An audience member inquired about the impact of

cryptocurrency volatility on trading. Talwar noted that trading

volume tends to increase with volatility but also continues

when prices stabilise. Another question addressed the usage

of stablecoins compared to other assets. Talwar explained

that stablecoins are popular for on/off-ramps and

remittances, with potential for more use cases to develop.

Overall, the session underscored Crypto.com’s commitment to

innovation, education, and providing secure, user-friendly

solutions to foster widespread adoption of digital assets.

[MOD] Angela Clark – Wallet Nation

Kate Cooper – Zodia Custody

Shane Verner – Fireblocks

Jack Deeb – Pier Two

Ryan McCall – Zerocap

Custody Solutions for Digital Assets: Security,

Compliance, and Innovation

Mainstreaming Digital Assets: From Niche Markets to

Global Financial Systems

[MOD] Michele Levine – Hamilton Locke

Vakul Talwar – Crypto. com

“Australia, I feel, is always on the

leading edge of technology.

Australians love technology.”

- Vakul Talwar, Crypto.com

2 6

"We've seen our customers re-engage

and diversify their crypto portfolios,

indicating a renewed trust and

excitement in the market. The next six

to twelve months look promising as we

continue to provide the best experience

possible."

C O I N T R E E

Jessica Renden

[MOD] Jackson Zeng – Caleb & Brown

Jessica Renden – Cointree

Edwin Tan – CoinJar

Jamie Elkaleh – BitGet

Ben Rose – Binance

8DCE’s: Now, Next & Beyond

Jackson Zeng from Caleb & Brown kicked off the

session by emphasising the positive shift in

consumer sentiment over the past year. Panellists

highlighted their experiences and future outlooks for

the industry. Jamie Elkaleh from BitGet discussed

the platform's growth, noting a significant increase

in staff and global expansion. He emphasised

BitGet's commitment to user education and social

trading initiatives like "Blockchain for Her" and

"Blockchain for Youth." Jamie also mentioned the

platform's focus on creating a social trading

experience, which has contributed to BitGet

becoming the leading copy trading platform

globally.

Jessica Renden from CoinTree shared insights into

the resurgence of customer engagement, with users

diversifying their crypto portfolios and re-entering

the market. She highlighted the importance of

providing an excellent user experience and

supporting customer needs, especially as the

market recovers from a bear phase.

Ben Rose from Binance highlighted the exchange's

substantial growth, both globally and locally.

Binance has doubled its global user base to 200

million and reached 1 million users in Australia. Ben

pointed out the convergence between traditional

finance and crypto, seeing ETFs as a significant step

towards validation and broader awareness of digital

assets.

Edwin Tan from CoinJar shared his perspective on

the industry's fun and social aspects, with users

increasingly engaging in speculative activities and

sharing tips with friends. He stressed the importance

of retaining a user-focused approach, ensuring

ease of use and robust customer support.

The panel also addressed the ongoing theme of

consolidation in the industry. While some foresee a

reduction in the number of exchanges, panellists

agreed that innovation should remain the focus.

Exchanges are expected to continue developing

new products and services to meet consumer

demand and regulatory requirements.

In terms of future products, Ben Rose expressed

optimism about the upcoming regulatory clarity in

Australia, which would allow exchanges to offer a

broader range of services locally. Jamie Elkaleh and

Jessica Renden echoed the sentiment, emphasising

the importance of continuing to deliver high-quality

products and supporting the ecosystem's growth.

In summary, the session underscored the resilience

and adaptability of digital asset exchanges.

Panellists highlighted the importance of innovation,

regulatory clarity, and maintaining a strong focus

on user experience. As the industry evolves,

exchanges are poised to play a crucial role in

driving the adoption and integration of digital

assets into the broader financial landscape.

2 7

The Blockchain Week Day 3 Breakfast covered critical themes: challenges in

crypto insurance, the evolving Web3 security landscape, complexities in crypto

tax and regulation, emerging crypto scams, and insurance market dynamics.

Key themes included:

Insurance Market Dynamics: Challenges in securing insurance for crypto

activities were discussed, highlighting high premiums and insurers'

cautious approach.

Web3 Security Landscape: The importance of robust security in Web3

projects was emphasised due to the increased threat of theft and frequent

hacks.

Crypto Tax Complexities: The need for clear legal structuring and

improved data quality in crypto tax regulation was underscored to simplify

tax processes and boost adoption.

Emerging Crypto Scams: The rise of sophisticated scams linked to

organised crime was a major concern, stressing the need for enhanced

prevention and disruption efforts.

Risk Management: Strategies for achieving better insurance outcomes in

the crypto sector were discussed, focusing on educating insurers and

strong risk management and compliance practices.

PARLIAMENT HOUSE

D A Y 3

BREAKFAST

2 8

1APAC Blockchain Trends: Insights

from an Infrastructure Provider Point

of View

Andrew Vranjes provided an overview of Blockdaemon's

role as a major institutional infrastructure provider,

managing around 185,000 nodes across 65 protocols.

He emphasised their focus on governance and

compliance, making them a trusted partner for large

institutions globally. He then explained re-staking,

particularly through the EigenLayer protocol, which

allows for the re-staking of assets to provide additional

security to new projects within the Ethereum ecosystem.

This method automates operational processes and

offers potential additional yields, although it remains in

its nascent stages with associated risks.

The session included a demonstration of re-staking

using MetaMask, showing its ease of use for both

technical and non-technical users. Vranjes

recommended that institutions start small or use

testnets to familiarise themselves with the process,

advising caution given the early stage of the technology.

He concluded by discussing the future potential of liquid

staking and re-staking, predicting significant growth

and maturation in the near term. The session

underscored Blockdaemon’s commitment to providing

compliant, robust solutions for institutional stakeholders

navigating the evolving staking landscape.

Andrew Vranjes - Blockdaemon

2 9

2 Legal Forecasts

Michele Levine- Hamilton Locke

Michele Levine discussed legal trends in the crypto

space over the next 6-36 months. She predicted

consolidation in the custody industry with 5-10 major

players remaining. Australian businesses are looking to

emerging foreign markets for expansion while overseas

investment in Australia has slowed. Stablecoins will

proliferate beyond just USD coins. Collateralised lending

and ETF offerings providing diversified crypto exposure

will grow further. Margin trading will become more

prevalent for sophisticated investors. Wealth distribution

through crypto products is an area yet to be fully tapped.

Regulation will come but more slowly than desired, and

litigation risk is increasing as regulators take a more

active role similar to securities watchdogs in other

countries.

"I think some of the panel's yesterday talked about

consolidation, I think it's only a matter of time before we'll

have consolidation, there are different discussions

around how many DCEs we're going to end up with ...

somewhere between five and 10."

3 0

Blockchain Week

Trends for 2024 and beyond

Consolidation

With regulatory reform on the

horizon, we will see industry

consolidation given the proposed

regulatory capital requirements and

additional compliance obligations.

It’s a matter of when not if.

Time horizon: next 18 to 24 months

Expansion

Local DCEs will be looking to expand

their global footprint to access alternate

growth opportunities in emerging

markets and regions that are front

running regulatory reform. International

expansion to Australia has slowed down

pending regulatory reform.

Time horizon: next 6 to 24 months

Stablecoin

Proliferation of AUD backed stablecoins

will ramp up, with some locally issued

stablecoins already hitting the market.

Big challenge will be converting and

maximisingcross border payments

given differential regulatory treatment

per country.

Time horizon: happening now

BTC and ETH ETFs launched or are

on the cards. Are diversified digital

assets next? Possibly, but we will

need to see robust indices and

strong derivative markets.

Time horizon: next 18 to 24 months

The market for derivatives over digital

assets is likely to increase to help

manage liquidity for ETFs. With the

expansion of derivative markets, multi

asset ETFs may be one step closer.

Time horizon: next 18 to 24 months

In a bull market, investors are looking

for greater market exposure without

expending significant capital. This is

likely to result in a growing appetite

for margin trading type solutions.

Time horizon: next 6 to 18 months

In a bull market, asset prices will go up

and investors will want to hold on to

maximisegrowth, given cost of living

pressures. One solution is to borrow

against crypto assets. Challenge will be

managing volatility and impact on

credit risk.

Time horizon: next 12 to 24 months

With the launch of ETFs and asset price

inflation, wealth providers will look to

provide customers with exposure to

digital assets via funds, ETFs, derivatives

and trading. Will we see new partnerships

and joint ventures out of this?

Time horizon: next 18 to 36 months

ETFs Derivatives Margin Trading

Are you ready for these headwinds? Reach out to the Hamilton Locke team.

Lending

Wealth Distribution

What are the main head winds

for the digital asset industry?

Blockchain Week –Digital Asset Breakfast

Key Trends

Michele Levine

Partner

T+61403 051 259

michele.levine@hamiltonlocke.com.au

Legal Forecasts

As presented by:

Michele Levine- Hamilton Locke

3 1

Charis Chan from Chainalysis discussed emerging threats in

cryptocurrency crime such as scams and human trafficking.

She highlighted romance scams and pig-butchering

schemes targeting victims' investments. As an example, she

focused on KK Park in Myanmar, a notorious compound linked

to these crimes where trafficked individuals are forced to

participate in scams.

She showed how blockchain transaction analysis can identify

connections from victim funds to the compound and

subsequent laundering through exchanges. Chan

emphasised the increasing use of stablecoins by criminals

due to greater liquidity. She concluded by discussing

Chainalysis' role in preventing, responding to, and disrupting

illicit cryptocurrency activity through tools that map

interactions and identify criminal addresses, entities, and

cash-out points.

Charis Chan – Chainalysis

Tackling Emerging Threats: Scams

4Joni Pirovich - Badasl

Tax Forecasts

Joni Pirovich, a seasoned advisor on crypto regulatory and tax matters, aimed to dispel the myth that the

current state of crypto tax is static and unchangeable. She emphasised that the trajectory of crypto tax

regulation is more within the community's control than often realised, though it will require concerted

effort.

Pirovich outlined her insights from nearly nine years of experience, categorising crypto tax issues into three

main buckets: radical issues, clarity issues, and data quality issues. She noted that only about 5% of issues

are truly radical, requiring tough policy solutions, while 75% fall into the clarity bucket, and the remaining

20% are related to data quality. The clarity issues, she argued, often stem from a lack of proper legal

structuring and documentation by projects and exchanges, which leads to confusion in tax implications.

She highlighted the importance of improving data

quality, referencing international efforts like the

OECD's Crypto Asset Reporting Framework (CARF),

which aims to standardise data reporting by 2027.

Additionally, she pointed out that many tax issues

could be resolved through litigation and proper

legal frameworks, rather than relying solely on

policy reform.

Pirovich's central message was that much of the

crypto tax complexity can be mitigated by the

industry itself through better legal and tax

structuring, rather than waiting for policy changes.

This proactive approach, she concluded, will

ultimately simplify tax compliance and improve

user adoption of crypto technologies. 3 2

Kirk Baird from Sigma Prime discussed the

evolving web3 security landscape. He noted

the high motivation for theft in web3 due to

programmable money. While tools and firms

have grown, too many hacks still occur. The

non-profit SEAL provides services like an

emergency hotline, red team exercises, and

hacker tracking.

Competitive audits and bug bounties are

also important for protocols. While tools are

improving, complex attacks remain

challenging requiring human logic. North

Korea and other state actors actively target

funds. Baird emphasised keeping up-to-

date on new tools and hacks through

sources like Blockthreat. Operational security

must be a priority given the talented threats

seeking to steal funds.

Kirk Baird- Sigma Prime

Security Forecasts

Tim Edwards discussed litigation risk and

assessing risk appetite in the crypto industry.

He warned that regulators are taking a more

active role in enforcement, which will likely lead

to insolvencies, disputes, and "vicious M&A".

Traditional markets turning means more

litigation. Directors and employees also face

personal liability.

Edwards advised to truly determine their risk

appetite and tolerance for legal defense costs.

Early legal advice and compliance can prevent

disputes down the line. Litigation is expensive

and uncertain, so front-loading costs through

proper documentation and structures is

preferable to defending lawsuits. Assessing

how decisions align with defined risk appetites

can help businesses and individuals avoid

overextending themselves.

Tim Edwards - Hopgood Ganim

Lawyers

Risk Forecasts

3 3

7Insurance Forecasts

Ryan Neary- GSA Insurance

Ryan Neary from GSA Insurance Brokers,

provided a thorough overview of the insurance

landscape within the blockchain and digital

assets sector. He began by acknowledging

Blockchain Australia and Amy-Rose Goodey for

the invitation and quickly delved into the

challenges insurers face due to aggressive

regulatory oversight and the complexity of the

risks involved. Neary explained that GSA, an

insurance broker with 35 years of experience,

entered this industry by initially serving clients

with small digital asset portfolios and then

recognising a broader need for tailored

insurance solutions.

He highlighted the cyclical nature of the

insurance market, currently in a hard cycle due

to limited capacity and appetite from insurers.

Only about ten insurers are willing to consider

risks in this sector, and that number further

reduces when focusing on specific areas like

Web3 development or crypto exchanges. This

scarcity results in high premiums and

deductibles, making comprehensive insurance

programs difficult to obtain.

Neary emphasised the need for the industry to

educate insurers to overcome their reluctance.

He pointed out that regulation could serve as a

"silver bullet," providing the necessary comfort

for underwriters and potentially attracting

highly rated local insurers to the market.

However, he also noted the concern insurers

have due to the frequency and severity of

hacks and other losses in the sector.

To achieve better insurance outcomes, Neary

advised companies to treat their insurers like

investors by providing detailed and complete

information, focusing on risk management, and

gradually building their insurance coverage. He

also identified the primary sources of claims in

the industry, including insider theft, wallet

attacks, trading system breaches, user attacks,

and phishing.

Neary concluded by outlining essential

insurance policies for businesses operating in

the digital asset space, such as crypto wallet

cover, corporate liability cover, and cyber

liability insurance. He stressed the importance

of demonstrating a strong cyber posture to

obtain favourable terms from insurers.

The session highlighted the significant

challenges and opportunities in insuring the

blockchain and digital assets industry,

emphasising the critical role of education,

regulation, and comprehensive risk

management in securing better insurance

outcomes.

3 4

The Digital Asset Breakfast was

proudly hosted and sponsored by

Blockdaemon.

3 5

DAY3

Q & A

PARLIAMENT HOUSE

The discussions covered essential aspects of blockchain and digital economy, focusing on CBDCs,

stablecoins, digital identity, and regulation. Key themes included the advantages of CBDCs and

stablecoins in enhancing speed and efficiency for cross-border transactions, despite facing significant

regulatory challenges. Stablecoin issuers need to stay adaptable to evolving regulations to ensure

security and compliance.

Digital identity verification was another critical focus, with the integration of biometric scanning

highlighted as a minimum standard. The panels stressed the importance of collaboration between

government and industry to develop secure and efficient ID verification systems. There was a strong push

towards decentralised, user-controlled identities to improve privacy and security.

The global regulatory landscape for blockchain technologies was examined, revealing the need for

harmonisation and the difficulties businesses face in complying with diverse international regulations. The

discussions underscored the necessity for clearer, unified frameworks to support innovation and growth.

Regulatory uncertainties around decentralised entities and DAOs were also addressed, calling for legal

recognition and clarity to foster innovation while protecting users. Australia's potential to lead in

blockchain regulation was noted, but proactive steps are needed to achieve this.

Overall, the discussions emphasised regulatory clarity, innovation, and balancing security and privacy to

advance blockchain and digital technologies.

3 6

During Blockchain Week Day 3, the panel explored the practicalities and regulatory complexities

surrounding Central Bank Digital Currencies (CBDCs) and stablecoins, delving into whether these digital

currencies meet real-world needs. The session highlighted three key themes: regulatory challenges,

technological advantages, and the potential for financial inclusion.

The first theme revolved around the regulatory hurdles posed by stablecoins and CBDCs. Stablecoins,

although efficient for cross-border transactions, face intricate regulatory challenges due to their

private issuance. Effie Dimitropoulos explained that while stablecoins themselves do not perform cross-

border transactions, they facilitate them by reducing intermediaries, thereby cutting costs and

speeding up the process. However, these transactions are still subject to the regulatory frameworks of

the jurisdictions they operate in, primarily managed by remittance companies.

The second theme focused on the technological advantages of digital currencies. Mark Staples

emphasised that while Australia is still in the research phase for CBDCs, the potential for risk reduction

and enhanced transparency in transactions is significant. Distributed Ledger Technology (DLT) provides

detailed transaction information, which could bolster Anti-Money Laundering (AML) and Counter-

Terrorism Financing (CTF) efforts. However, current regulations do not yet recognise these technological

benefits, necessitating further investigation and policy development.

The third theme was the potential for financial inclusion, particularly in developing countries. Dr Andrzej

Gwizdalski highlighted that CBDCs could play a vital role in regions with significant unbanked

populations, providing a secure and efficient means of financial access. While Australia’s payment

infrastructure is robust, other nations could benefit immensely from the stability and security offered by

CBDCs, addressing gaps in financial services and supporting economic participation.

The panellists also touched on the broader implications of programmable money, where CBDCs could

introduce new levels of control and efficiency in transactions. Arturo Rodriguez pointed out that while

stablecoins are suitable for retail transactions due to their relatively lower credit risk, CBDCs are more

apt for institutional transactions requiring minimal risk.

In summary, the session underscored the importance of regulatory clarity, technological innovation,

and financial inclusion in the evolving landscape of digital currencies. The discussion highlighted the

need for ongoing research, international collaboration, and the development of robust regulatory

frameworks to fully realise the potential of CBDCs and stablecoins in addressing real-world financial

needs.

Do CBDCs and Stablecoins Meet

Real-World Needs?

Mark Staples - DFCRC

Effie Dimitropoulos - AUDD, Novatti Group

Dr Andrzej Gwizdalski - WAWEB3, ACS

Arturo Rodriguez - NotCentralised

3 7

The panel discussion titled "The Balancing Act - Digital ID, Verifications, Risks & Consequences"

delved into the complexities and future of digital identity systems in Australia. Key themes

included the integration of biometric scanning as a minimum standard, the importance of both

government and industry roles in ID verification, and the potential of decentralised systems.

Samira Tollo of Elbaite emphasised that biometric scanning has become essential due to

recent data breaches, highlighting the need for constantly evolving security measures in Know

Your Customer (KYC) processes. She argued that while the government should set minimum

standards, industry innovations should drive implementation, especially in exploring new

technologies.

Michael Bacina of Piper Alderman underscored the government's foundational role in ID

verification due to their trusted issuer status. He suggested that while governments should

create regulatory frameworks, the private sector could develop efficient solutions, particularly

leveraging blockchain technology for secure, decentralised verification.

Ryan Kris from Verida advocated for a user-driven approach to digital ID, promoting self-

sovereign identity (SSI) where individuals control their identity credentials. This method could

mitigate the risks of data breaches by minimising the need to store personal data across

multiple platforms.

Blane Sims from Truebit and Kee Jefferys from Session echoed the need for decentralised

identity systems. Sims highlighted the importance of tokenising personal information to reduce

business liability and improve auditability. Jefferys predicted a future where decentralised

exchanges dominate crypto-to-crypto transactions, leaving centralised exchanges to handle

fiat conversions.

Overall, the session underscored the importance of balancing technological innovation with

regulatory compliance to protect user privacy while ensuring robust identity verification

systems. The integration of government standards with industry-led solutions and the shift

towards decentralised, user-controlled IDs were seen as critical steps for the future.

Samira Tollo - Elbaite

Michael Bacina - Piper Alderman

Ryan Kris - Verida

Blane Sims - Truebit

Kee Jefferys - Session

The Balancing Act - Digital ID,

Verifications, Risks & Consequences

3 8

Vishal Sacheendran's presentation at the conference delved into the evolving

landscape of global crypto regulations, sharing insights from his tenure at Binance

and as a former regulator. He began by discussing the European Union's regulatory

framework, MiCA, which aims to unify regulations across 27 member states. MiCA

defines crypto assets, addresses stablecoin regulation, and shifts towards activity-

based regulation, enhancing security and user protection.

In the UAE, Vishal highlighted the proactive regulatory environment, with multiple

regulators, including VARA, dedicated solely to virtual assets. This approach aims to

attract top-tier crypto companies and ancillary service providers by fostering

innovation while ensuring user protection. The UAE's agile regulatory framework

allows for quick adjustments to accommodate rapid technological advancements.

Japan's regulatory framework, one of the first in the world, categorises digital assets

based on their utility and function. It includes stringent regulations on stablecoins and

utility tokens, providing clarity but also posing challenges such as high taxes and

strict leverage limits.

Vishal emphasised the need for global regulatory harmonisation, advocating for a

baseline standard that jurisdictions can adapt based on their risk appetite. He

stressed the importance of evolving frameworks to protect users, foster innovation,

and retain talent. For Australia, he recommended leveraging its competitive

advantages and providing regulatory clarity to attract and maintain talent, thereby

supporting the growth of the local crypto ecosystem.

In conclusion, Vishal's insights highlighted the dynamic nature of crypto regulation

worldwide and the necessity for jurisdictions to balance innovation with robust

regulatory measures to remain competitive and secure.

3Vishal Sacheendran, Head of Regional Markets – Binance

Global Regulatory Frameworks: A Grand Tour

3 9

The panel "Decentralisation & Regulation"

delved into the challenges and opportunities

of global regulatory frameworks on

decentralised blockchain technologies,

focusing on their implications for business

strategies.

The discussion highlighted the complexity of

navigating diverse regulations across

jurisdictions, stressing that businesses often

face significant risks due to the lack of

harmonised global standards. This

complexity is further exacerbated for

decentralised entities, which many

jurisdictions struggle to clearly define and

regulate, creating legal uncertainties.

A key theme was the supportive role of

government-led initiatives in fostering

blockchain innovation, especially in regions

like Asia-Pacific. Countries such as Singapore

and Thailand, with their regulatory alignment

and government-backed projects, were

noted for providing conducive environments

for blockchain business expansion.

The contrast was made with Australia, where

regulatory clarity is still evolving, making it

easier for startups to enter the market but

potentially risking higher rates of scams and

fraud due to less stringent regulations.

The panel also emphasised the importance

of reputation within the blockchain industry.

A supportive regulatory environment can

significantly enhance a company's ability to

attract talent and customers, particularly in

sectors extending beyond financial services,

such as agribusiness, health tech, and space

tech, each of which presents unique

regulatory challenges.

There was a strong call for Australia to

proactively establish clearer regulations for

decentralised technologies and recognise

decentralised autonomous organisations

(DAOs). This would provide much-needed

legal clarity, helping to protect investors and

fostering an environment conducive to

innovation. The panel concluded that while

Australia has the potential to be a leader in

blockchain regulation, proactive steps are

necessary to realise this potential fully.

4Decentralisation & Regulation

Francis Ocampo – Not Centralised

Jamie Lumsden – Hamilton Locke

Chris Chen – Backpack Exchange

Dr Stephanie Bazley – Possible Ventures

Jamie Reed – Nexus Reporting

4 0

Paul Derham thanked everyone for attending the event

celebrating 10 years of Blockchain Australia. He noted

people are often self-interested but the Satoshi factor of

altruism was strong in the room. He believed people

were there for a noble, altruistic reason rather than just

self-gain. Derham wanted people to really listen to gain

something from the speakers and to walk away having

gained a new perspective on their business or

inspiration to try something difficult again.

Paul Derham - Holley Nethercote

GALA DINNER

1 0 Y e a r a n n i v e r s a r y

A Decade of Disruption

Rob Waugh and Drew Bradford gave an overview of their

companies, Catena Digital and Cloud Tech Group. Drew

Bradford has worked in various countries and industries

for over 30 years. Rob Waugh has a background in

physics and international banking. They joked about

adapting to the "crypto bro" culture.

They discussed how the future of blockchain is about

outcomes rather than the technology itself. They also

said that traditional finance will only adopt blockchain

when the regulatory framework is clear. They believe the

future involves tokenising real-world assets and using

stablecoins for delivery versus payment. They aim to

solve institutional problems and friction points to drive

adoption of digital assets.

"The future of blockchain isn't about blockchain. And I

learned this today.The future is about outcomes." - Rob

Waugh referencing a point made by Allison Goss from

Protocol Theory about focusing on outcomes rather than

technology.

Welcome from The Gala

Blockchain Week 2024 PDF Free Download

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