In 2021, the cryptocurrency and digital asset sector will contribute $2.1bn to the Australian economy and employ around 11,600 people
Mawson Infrastructure Group Inc, a digital infrastructure provider, is pleased to announce the release of a report on ‘Cryptocurrency and The Distributed Digital Economy in Australia.’
“Digital assets and infrastructure are critical ingredients to Australia’s digital and economic future. We are at a crossroads. As an industry, we desperately need a fit-for-purpose policy and regulatory framework to provide greater security and certainty to consumers and the crypto industry. ”
Mawson engaged EY (formerly Ernst & Young) to examine the economic impact of Australia’s cryptocurrency and digital asset sector. This was in response to the Senate Committee report entitled “Australia as a Financial and Technology Centre Final Report”. The report highlighted the opportunity which cryptocurrencies, blockchain and the digital economy could have on Australia both now and into the future.
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Mawson believes that cryptocurrencies and related digital assets will help shape Australia’s future economy and sees enormous potential in this industry to drive long-term economic value.
The report found that in 2021, digital assets will contribute $2.1 billion to the Australian economy, employ 11,600 people, may reduce electricity price volatility and assist in the transition to renewable energy. The EY analysis indicates that by 2030 the impact could be $68.4 billion to the Australian economy and employ in excess of 200,000 people.
James Manning, CEO and Founder of Mawson, said: “Digital assets and infrastructure are critical ingredients to Australia’s digital and economic future. We are at a crossroads. As an industry, we desperately need a fit-for-purpose policy and regulatory framework to provide greater security and certainty to consumers and the crypto industry.
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“The Bragg Report recommendations, in particular, represent a significant coming together of industry, regulators and government. The Bragg recommendations, if adopted, will revolutionize the Australian crypto sector and improve consumer protection, therefore driving innovation, confidence and growth in the sector.”
EY Oceania Strategy & Transactions Partner, Steve Brown said: “Overall, our analysis finds that the cryptocurrency and digital asset sector could provide significant economic benefits to the Australian economy moving forward, but that Australia does not yet have fit-for-purpose regulatory systems to promote certainty for new businesses, investors and consumers in the digital asset space.
“Well-designed standards, robust regulation and the right policy settings will be needed to drive innovation while managing unfamiliar services and providing proper safeguards. This will be pivotal to unlocking benefits to businesses and consumers as financial markets become more dispersed, more digital and more crypto-intensive.”
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