January 2017

PROMOTING BLOCKCHAIN INNOVATION IN AUSTRALIA

In This Edition

- CEO's MESSAGE: 
  2017 - Australia's Year for Blockchain Action!

- ADCCA Industry Advisory Council

 

- Digital Currency Definition - Alignment Needed

 

- Book Offer - Down the Rabbit Hole by Tim Lea

 

- APAC Blockchain Conference

 

- New ADCCA Members:

  BraveNewCoin, Verdictum, DVolution, IBM, Optus & Australia Post

 

- Blockchain News

 



Nick Giurietto


CEO's Message

2017 - Australia's Year for Blockchain Action!

Australia Day  traditionally marks the date when Australian businesses are fully back in action and plans hatched during the Christmas break start to be implemented.

Let's hope so.  Almost every day since the start of 2017 has seen the announcement of a major new blockchain initiative somewhere in the world.  But nothing from Australia!

 It is increasingly clear that 2017 will be the year that blockchain applications move from Proof of Concept stage into production and commercial go-live.  We can also observe the tech community developing new features to enhance governance, privacy, interoperability and speed of blockchain solutions.

A number of Australian businesses - both among the corporates and the start-up sector - are working on projects that will hit the market in the next few months.

On the regulatory front, Australia will soon see the implementation of reforms to the GST treatment of digital currencies and AML/CTF reforms that will provide regulatory certainty to impacted businesses.

But to make the most of the full potential presented by blockchain technology to improve services, reduce costs and create whole new products, Australia needs a proactive regulatory and policy stance.

An important signpost will be the release of the Distributed Ledger Strategic Foresight Report by Data 61 expected soon.  ADCCA believes that the best way to turn opportunities identified in the report into real action will be collaboration between the private sector and government players to define and act upon key priorities.

The ADCCA Industry Advisory Council (see next article) stands ready to assist in that process and ensure that 2017 really is the year for blockchain action in Australia!

 
Nicholas Giurietto
CEO and Managing Director
ADCCA

   

ADDCA INDUSTRY ADVISORY COUNCIL
Blockchain Thought Leaders Come Together to Help Drive Australia's Blockchain Agenda


ADCCA  is delighted to announce the formation of the ADCCA Industry Advisory Council.

Leading thinkers and innovators in Australia's blockchain community have come together under the ADCCA banner to help drive Australia's blockchain innovation agenda.

Collaboration among industry players and between industry, regulators and policy-makers is essential for the success of almost all blockchain initiatives. The members of the Industry Advisory Council will assist in identifying and prioritising opportunities and help bring together the networks across industry and government needed to turn good ideas into action.

The first formal meeting of the Industry Advisory Council will be held in early March, prior to the APAC Blockchain Conference, at which initial focus areas and the formation of specific working groups will be announced.

Digital identity, supply chain initiatives and advanced payments platforms are likely to be initial areas of work.

The Industry Advisory Council members have a combination of technical, legal and commercial backgrounds from a number of organisations with an active blockchain interest.  It is expected that the Council will expand further in coming months - with a particular focus on the MedTech and AgTech implications of blockchain.

ADCCA would like to acknowledge the support of executive search firm Cloughmore Stone in connecting with a number of the new council members.

The members of the ADCCA Industry Advisory Council are:


Michael Aaron ANZ Blockchain Practice Leader, IBM

Robert Allen Director PWC & CEO PWC-Vulcan

Simon Bligh CEO, Dun & Bradstreet

Andy Hutchings Broso Chairman, APIR Group

Malcolm Crompton Former Privacy Commissioner
& Managing Director of Integrated Identity Solutions

Loretta Joseph (Chair)
Advisor to Sydney Stock Exchange
& Director of Black Citrus Venture Capital

Richard McCarthy General Manager, Perpetual Corporate Trust

Varant Meguerditchian General Manager, Stakeholder Engagement,
Standards Australia

Richard Miller Partner, Deloitte

Cindy Nicholson Director of Innovation, Optus Business

Professor Jason Potts RMIT University

Peter Reeves Special Counsel, Gilbert + Tobin

Vaughn Richtor Former CEO of ING Direct
& Non-Executive Director

James Roberts Partner, EY

Wyatt Roy Former Assistant Minister of Innovation
& Director H2Ocean

Dr Phillipa Ryan UTS Law School

Matt Symons Entrepreneur & Director of DVolution

Rick Wingfield General Manager, Information, Digital & Technology
Australia Post




DIGITAL CURRENCY DEFINITION - ALIGNMENT NEEDED
Proposed Definitions of Digital Currency for GST and AML/CTF Purposes are not fully aligned


Changes  to GST rules to remove the double-taxation of digital currencies is an important reform announced by the Treasurer last year and soon to be legislated.

Similarly, an overhaul of the AML/CTF laws to include digital currencies within the regulatory regime is a step that ADCCA has long advocated and which is currently progressing well.

One aspect of these proposed reforms, however, risks falling short of the needs of the blockchain and digital currency community: the proposed definitions of 'digital currency' for GST and AML/CTF purposes are not the same.

The draft definitions of 'digital currency' proposed by Treasury and the Attorney-General's Department as part of their consultation process are clearly similar but not identical.

This runs the risk of unnecessary compliance complications for business.  A leading barrister reported it it would take them "a day or more to sit down with these definitions and work out if they have the same effect".

In the absence of a compelling public policy reason why the two definitions need to be different, it seems that it would be preferable to adopt a consistent definition across GST and AML/CTF legislation and to set a benchmark definition that can be used in future legislation involving digital currencies.

ADCCA supports the adoption of a single, consistent definition of a "digital currency" if at all possible.





Book Offer for ADCCA Subscribers

DOWN THE RABBIT HOLE
by Tim Lea

Tim Lea is CEO of Australian blockchain startup Vededictum which helps authors and other creative content producers protect their ideas and works from theft and piracy.

But in his spare time, Tim is also a creative content producer himself!

Down the Rabbit Hole is a deep primer for business people looking to understand the technological foundations of blockchain - and the many potential use cases that will change our world.

The paperback launch in Australia is March 31, 2017.  But ADCCA subscribers can obtain advance copies at a reduced rate.

Click here to order your copy.



SPECIAL OFFER FOR ADCCA SUBSCRIBERS

APAC Blockchain Conference
Sydney, March 7-9 2017


ADCCA  is excited to partner with Quest Events to host the APAC Blockchain Conference in Sydney on March 7 -9, 2017.

ADCCA has helped design the conference agenda to have a clear focus on cutting past the blockchain hype to provide real insight into the opportunities and use cases for blockchain technology - as well as the barriers that must be overcome!

The agenda features leading blockchain practitioners from across Australia and around the world, including
  • Joseph Lubin, Co-Founder of Ethereum & Consensus will identify how the latest real-world applications are helping organisations around the world harness new opportunities
  • Ahmed Fahour, CEO for Australia Post, will give insights into how they plan to use blockchain innovations to remain competitive and reduce costs
  • A panel discussion featuring the CEO of Standards Australia, Bronywn Evans
    , alongside representatives from Citigroup, Westpac and Ledger Assets will examine what is needed to build an effective regulatory framework
  • In-depth case studies from Commonwealth Bank
    and ANZ on how they plan to leverage blockchain technologies
  • Liam Maxwell, National Technology Advisor to the UK Government, will discuss how to develop a vision for using the blockchain to improve the delivery of services, and how to ensure technology is robust and scalable


SPECIAL OFFER FOR ADCCA SUBSCRIBERS

ADCCA newsletter subscribers qualify for reduced pricing.  

Call or email Quest Events to take purchase your tickets at 10% off the applicable price.

info@questevents.com.au

02 9977 0565



NEW ADCCA MEMBERS

ADDCA welcomes six new members this month - Brave New Coin, Veredictum, DVolution, IBM, Optus and Australia Post.


Brave New Coin (BNC) is a leading data & research provider in the Digital Assets & Blockchain industry.  BNC tracks and standardises market, network and industry information to deliver high quality news, rates, indices, analytics and insights to a global client base.





Veredictum is developing a smart ownership and distribution platform to help writers and content producers protect their creative ideas and content from theft and piracy.



DVolution is designing and building the world's next generation suite of open and 'utilized' business meta-apps, together with an open meta-app supermarket. The way public and private sector organizations are designed, built and run will change significantly.


And, of course, IBM, Optus and Australia Post are household names that need no introduction.







DIGITAL CURRENCY HEADLINES


SWIFT is building a blockchain to optimise global cash liquidity

Coindesk, January 2017

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is integrating open-source blockchain technology with its own products to build a proof-of-concept that might one day replace the so-called 'nostro accounts' its members keep fillws with cash all over the world.




Mercedes buys Bitcoin service provider in Digitization Strategy

Bitcoinist, January 2017

Mercedes owner, Daimler AG, has announced its takeover of PayCash Europe, a provider of Bitcoin payment services alongside others, in a move that will see the corporation venture into mobile payments.





Centrelink data-matching problems show the need for a government blockchain

The Conversation, January 2017

The recent problems with Centrelink's automated data-matching system show precisely where a government blockchain would fit in.  Rather than siloing our data in government agencies, we could create a single source of information.  This would speed up out interactions with government, while reducing errors and fraud.


 
Seven banks plan blockchain platform for SMEs

FinExtra, January 2017

Seven of Europe's biggest banks are collaborating on the development of a shared cross-border trade finance platform for small and medium-sized companies that harnesses the power of distributed ledger technology.

 
ADCCA Membership Inquiries

Please click on here to inquire about becoming a member of the ADCCA
 
Copyright © 2017 | ADCCA | All rights reserved.

Published by the Australian Digital Currency & Commerce Association 
Editor: Nicholas Giurietto
Publisher: Ronald M. Tucker


The ADCCA Industry Newsletter reaches a regular audience of over 1500+ Industry and Government Leaders, domestically and abroad. This reach includes regulators, parliamentarians, enterprise C-Level executives as well as cross-industry stakeholder participants both at the professional association and emerging FinTech business levels. To learn more about ADCCA or enquire as to Membership opportunities, please contact us via the below:

Our mailing address is:
The ADCCA
PO Box 21122 World Square
Sydney NSW 2002
AUSTRALIA



www.adcca.org.au   |   contact@adcca.org.au