SBF Opens Aussie Blockchain Week As Government Says We Are “Open For Business”

FTX CEO Sam Bankman-Fried gave the opening keynote during this year’s Blockchain Week, featuring the events of the first day at the headquarters of the Australian Securities Exchange (ASX).

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

“This is something that’s been several months in the making, and it’s a really high priority for us as a company.”

According to Bankman-Fried, the launch in Australia is part of a larger step to license and regulate the exchange in as many countries as possible.

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

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

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

Speaking at the conference, Hume said the crypto ecosystem is the new frontier, adding:

“If you want to be a pioneer on the virtual frontier of innovation, Australia is open to business. As minister for the digital economy and minister for financial services, I support you personally.”

The comments echoed those of her colleague, Senator Andrew Bragg, who gave the conference’s opening address. Bragg used his speech to announce the bill to reform regulations for decentralized autonomous organizations (DAOs), de-banking, taxes and licensing for crypto businesses in Australia.

Related: Australia’s Plan to Create a Crypto Competitive Advantage in 12 Steps

Hume compared crypto to the internet boom of the late 1990s, stating that the digital asset economy could add about 2.6% to Australia’s GDP and create about 200,000 new jobs by 2030, warning that Australia could “missing out” if the incorrect regulatory framework is applied.

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

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

According to the latest opinion poll, the current government is 10 points behind the two-party opposition. An impending federal election in May could jeopardize the plans of Senators Bragg and Hume, but a pro-crypto stance could be the governments’ re-election strategy, causing younger voters to wave to the coalition.

Other notable speakers on the first day 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.

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