A recent report called ‘Digital Assets in Australia’ published by the Tech Council of Australia revealed encouraging results of the addition of almost $40 billion (or $60 billion in Australian dollars) to the country’s economy if appropriate regulatory frameworks could be applied to the digital assets sector. It also informed about the reduction of costs for both businesses and customers due to such practices.
Written by Accenture, the report states, “This approach to regulating the industry could catalyse $15-$20Bn in additional investment, $10-$15Bn in additional tax revenues, $160 per person in transaction fee savings and 80 hours of time saved per business annually by 2030.” Further, the report marked four key objectives after regulation of the sector, which included the promotion of financial and digital inclusion and unlocking the economic benefits of the technology of digital assets, amongst many others.
Australia has immense potential: Tech Council
With examples of countries worldwide facilitating various rules for digital assets, the report outlined Australia’s immense potential to become a leader in the space. It also noted the Australian government’s various steps to boost digital assets in the country and underlined the need for the government and industry to work together for the best results.