CSIRO-Dara61/ACS Apr 2019 "Blockchain 2030 - A Look at the Future of Blockchain in Australia"

			Appendix B: Regulatory measures for blockchain

The table below provides some example regulatory measures introduced for 
blockchain and crypto-assets around the world 36-41

		A	Australia					B	China
		C	South Korea				D	Japan
		E	USA					F	UK
		G	European Union [EU]		H	Belarus
		I	France					J	Switzerland

COUNTRY 			EXAMPLES OF REGULATORY MEASURES				

A Australia 	1999: Smart contracts were permitted in Australia under the Electronic 
			Transactions Act 1999, given that they satisfy all the traditional 
			elements of legal contracts.

			2017: The Anti-Money Laundering and Counter-Terrorism Financing 
			Amendment Act 2017 was passed, bringing cryptocurrencies into the 
			scope of the country's regime for anti-money laundering.

			2018: The Australian Securities and Investments Commission 
			released information providing guidance about how the Corporations 
			Act may apply to Initial Coin Offerings (ICOs) and crypto-assets.

			In December 2018 new encryption law passed the Senate. It allows 
			greater access to encrypted messages for security agencies.

B China 	2013: Bitcoin was defined as a virtual commodity that can be traded 
			online by citizens.

			2014: The People's Bank of China ordered the account closures of 
			banks and payment companies that were opened by operators of 
			virtual-currency trading websites.

			2017: China banned ICOs, with a list of 60 ICO platforms to be 
			inspected by local financial watchdogs.

			2018: Government agencies combined to form a taskforce, instructing 
			local authorities to urge miners to stop their activities.

C Sth Korea	2017: The country's financial regulator prohibited the issuance of new 
			trading accounts by cryptocurrency exchanges. 

			The Financial Services Commission considered closing down 
			domestic exchanges for digital currency, and has placed stringent 
			requirements on exchange activity.

D Japan 	2017: Japan introduced policy allowing merchants to legally accept 
			Bitcoin as payment.

			2018: ICO regulation was proposed by a government-backed research group.

E USA 		2017: The Securities and Exchange Commission (SEC) issued a 
			warning to investors about the lack of investor protection in 
			cryptocurrency and ICO markets compared with traditional securities.

			2018: The SEC announced settled litigation and a consent decree 
			targeting two companies that conducted ICOs.

F UK	 	2017: The Financial Conduct Authority issued a statement illustrating 
			the risks of investing in ICOs.

G EU 		2018: The European Supervisory Authorities for securities, banking, 
			insurance and pensions issued a statement about the risks of virtual 
			currencies. 

			In May 2018, the European Union (EU) introduced General Data 
			Protection Regulation, which outlines that citizens of the EU have the 
			'right to be forgotten' online.

H Belarus 	2018: A Presidential Decree on the development of the digital 
			economy establishes the legal framework for buying, selling, 
			exchanging, creating, and mining cryptocurrencies and tokens in 
			Belarus and specifically for entities operating on the territory of the 
			High Technologies Park.

I France 	2016: Two provisions allowed the use of blockchain technology for a 
			type of zero-coupon bond.

			2017: An ordinance allowed the use of blockchain for a broader range 
			of financial instruments.

J Switzerland 2014: The Swiss Federal Council classifies virtual currencies as asset 
			(property).

			2018: The Swiss State Secretariat for International Finance sets up a 
			working group on blockchain and ICOs to study the legal framework 
			with a goal to become a 'blockchain and fintech nation'.
	





Blockchain" applications are appearing in many industries 

This may be the reason that in May 2018 the European Commission [EC] has announced a new 
Challenge for 2019 called "Blockchains for Social Good" 

The Prize for this challenge is 5 winners of Euro 1,000,000 each

As at 04 Jan 2019 1,000,000 Euros are worth Au$ 1,625,233.92

The timetable to submit an application is

	1	16 May 2018 - contest opens
	2	02 Apr 2019 - deadline for registration of interest [NOT MANDATORY]
	3 	03 Sep 2019 - deadline to submit applications

On 09 Apr 2019 the CSIRO-Data61/Australian Computer Society [ACS] Published
"Blockchain 2030 - A Look at the Future of Blockcgain in Australia" 

				INDEX OF CONTENTS

		CONTENTS									PAGE		

A	Executive summary									 4

B	Introduction: Blockchain beyond Bitcoin	 				 8
	
C	Overview of blockchain 								12
	C1	Why now? The evolution of social and economic trust	15
	C2	Regulating blockchains 							16

D	Current profile of Australian blockchain industry and skills 	17
	D1	Blockchain activity in Australia 						18
	D2	Industry profile of blockchain activity					19
	D3	The workforce of blockchain professionals			21

E	Future trends shaping blockchain in Australia 				24
	E1	Technological and environmental trends 				25
	E2	Economic trends 									30
	E3	Geopolitical trends 								32
	E4	Social trends 										34

F	Future scenarios for blockchain application 				37
	F1	Axes of critical impact and uncertainty 				39
	F2	Plausible blockchain adoption scenarios 				41
		
G	Strategic implications and actions 						50
	G1	Australia's competitive advantage 					51
	G2	The transition period 								53

H	Conclusion 											55

Aa	Appendix A:
	Strategic foresight methodology 						58

Ab	Appendix B:
	Regulatory measures for blockchain 						60

Ac	Appendix C:
	Approach used in labour and industry analyses 			62

Ad	Appendix D:
	High-profile use cases of blockchain in Australia 			63

Rb4	References - 185 										64
 


	A	Index "Blockchain 2030" Committee Meetings - Section Reviews

	H	2018 EC-Blockchains for Social Good [BSG] H2020

		a	Rules of Contest - On-line

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