Blockchain Australia, the leading crypto industry body in Australia, has rebranded itself as the Digital Economic Council of Australia (DECA) to attract a broader range of fintech firms and banks. This rebranding aims to reflect the evolving landscape of digital technologies beyond just blockchain.
Expanded Focus and New Leadership
The rebrand coincides with the resignation of CEO Simon Callaghan, with Amy-Rose Goodey, the former operating chief, stepping up as managing director. Goodey highlighted the organization’s shift in focus at Sydney’s Blockchain Week, which will also be rebranded as “The Digital Economy Conference” next year.
“Originally, we had a lot of focus on the digital asset businesses who were the primary cohort, but we have expanded significantly,” Goodey told Cointelegraph. She emphasized the need to reflect a diverse range of businesses, including digital ID, AI, Web3, consultants, and cybersecurity.
New Membership Categories
DECA plans to introduce eight membership categories, covering sectors such as crypto and Web3, tokenization, government and charities, and payments and banking. This inclusive approach aims to bridge the gap between the crypto industry and traditional financial institutions, fostering collaboration and understanding.
Addressing the Rift with Banks
The rebranding comes amidst a growing divide between Australia’s banks and crypto firms. Last year, major banks like Commonwealth Bank, Westpac, National Australia Bank (NAB), and Australia and New Zealand Banking Group (ANZ), along with Bendigo Bank, began blocking certain payments to crypto exchanges, citing the risk of scams. Binance Australia faced de-banking when payments provider Cuscal instructed its partner Zepto to sever ties with the exchange.
The Treasury warned that such de-banking practices could push businesses underground, underscoring the need for regulatory clarity. Goodey stressed the importance of banks becoming comfortable with crypto and conducting their due diligence.
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“This is one of the primary reasons why regulation is needed,” said Goodey. She believes that with a clear regulatory framework, there will be more confidence in the market. “We need that certainty. We need that framework.”
Regulatory Landscape
In September, the Senate Committee on Economics Legislation rejected the Digital Assets (Market Regulation) Bill 2023. Instead, it recommended continued consultation with the industry to develop suitable digital asset regulations. This decision highlights the ongoing efforts to create a balanced regulatory environment that supports innovation while ensuring security and compliance.
