In a summit of Australian Digital Commerce Association(ADCA), the major propaganda of discussion was to impose self-regulation on blockchain usage instead of waiting for the government to impose restrictions over it.
In 2016, ADCA CEO Nicholas Giurietto said, initially it was introduced and became prominent worldwide. However, the Australian government had a significant concern on usage and it might be implemented for the money laundering or financing terrorism.
To maintain an even playing field and preserve their autonomy, so the government cannot step into their business, several Australian companies working on blockchain formed an association ADCA in a bid to self-regulate.
ADCA is a non-profit company which comprises of 12 board members for a two-year term and rest of the policies of Industry Advisory Council takes charge of drafting policies for blockchain.
On being questioned about, “How can we work better with governments and regulators at Blockfest 2018 on Sept 26and 27”? Giurietto said that the company doesn’t have a specific code of conduct on its own, but they have outlined the significant things drafted based on dialogues by the regulators such as securities, banking, and taxation.
Meanwhile, he attended several meetings with various regulators, and some of them were unproductive but essential, he added. Meetings were not only the opportunity to educate the regulators, but it is the way to change someone perceptions, Giurietto asserted.
Members of ADCA should follow the code of conduct to set up a trust account. They should avoid trading with customer’s funds, pass solvency tests, have adequate data protection, transparent pricing and proper channels for dispute resolution if customers face issues. He added, “If you are following all the rules of our code, we believe it can be used as a defense – so even when a company is unsure of the law, it can prove that best efforts were made.”
In South-East Asia, blockchain technology is rapidly getting popularity and companies are keen for the adoption of clean technology along with self-regulation too.