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  • Writer's pictureMichael Bacina

LegalTech Summit, Noosa

Thanks to the LegalTech Summit for having me to present a regulatory update on Blockchain, complete with the recent Swiss update on Stablecoins taking centre stage. For a friday afternoon in sunny Noosa, Queensland, I was impressed to see so many lawyers and CIO/IT Directors taking the time away from the lure of the beach / pool to hear my presentation and present thoughtful questions on the impact of Blockchain.

The highlights from my talk:-

  • Blockchain and automation will have a bigger short term impact than artificial intelligence

  • Australia has work to do in catching up with overseas regulation in Blockchain if we want to have a thriving industry here.

  • ASIC's recent updates raise interesting questions and highlights the opportunities for clearer blockchain-specific guidance

  • Australia's lead in Anti-Money Laundering has brought unexpected benefits

  • Classification of tokens remains unclear and needs work

  • Of the four main stakeholders in decentralised systems (miners/node operators, core developers, DApp developers, end users), the DApp developers are the prime candidates to be holding the liability in the event of problems.

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