Big Four accounting firm KPMG has partnered with Australian property developers Mirvac to develop a blockchain-based platform to track the provenance of buildings. The platform was commissioned by the New South Wales state government. Taking inspiration from supply chain initiatives to track beef products using blockchain, the platform will allow property insurers, investors, and owners to access verified data on the resources, subcontractors and building processes employed during a property’s construction. A working model is slated to go live within six months and will be piloted on existing buildings that are undergoing rectification amid the recent flammable cladding crisis, in …

Research has revealed that one in five Australians believe that crypto is the key to homeownership as confidence in traditional savings dwindles. The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming disheartened by traditional investment options. Almost one-quarter of those surveyed expressed concern that the value of money in traditional cash savings is decreasing. The research saw partner YouGov queru 1,027 Australians aged 18 years and older online from May 3 until May 5. The data was weighted by age, gender and region to reflect the latest population estimates from the Ausralian …

The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets. The ATO’s assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money. Loh said the tax office …

Conservative Australian senator, Andrew Bragg, has asserted that Australia must introduce better regulations for crypto assets if the country is to “stay ahead of the game” and foster innovation. Appearing on Sky News, the member of the ruling Liberal Party — who is chairing a senate inquiry into Bitcoin and other digital assets — stressed that crypto asset products have already proliferated, emphasizing the need for Australia to cultivate a positive business climate and offer consumer protections for the burgeoning industry. “The reality is these products are out there now, people are using them,” he said. “We need to make …

Australians’ knowledge of cryptocurrency could use some improvement, as more than half of them think that Elon Musk created Bitcoin (BTC), according to a new survey. Finder, Australia’s most visited comparison website, conducted a survey of 1,004 Australians to find out more about what they know about crypto, The Australian reported on Wednesday. According to the survey results, 56% of Australians are unaware of mysterious Bitcoin creator Satoshi Nakamoto, believing that Tesla CEO and SpaceX founder Musk is the founder of the world’s largest cryptocurrency. A significant number of respondents also did not know that the Bitcoin supply is limited …

Family offices in Australia are reportedly piling into digital assets as fund managers compete to list the country’s first cryptocurrency-backed exchange-traded fund. VanEck and BetaShares have each lodged submissions with the Australian Securities Exchange following a rejection of industry speculation in March that the exchange was opposed to such products. The ASX confirmed that it had received formal applications from several other investment managers eager to launch their own Bitcoin (BTC) ETFs. Earlier this week, VanEck Asia–Pacific CEO Arian Neiron stated that the crypto asset movement had become more mainstream and that a Bitcoin ETF on the ASX could democratize …

An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for distributed ledger technology. The Select Committee on Australia as a Technology and Financial Centre’s second interim report offers 23 recommendations spanning blockchain, consumer data and corporate taxation. Five recommendations deal specifically with blockchain and digital assets, including that the Council of Financial Regulators Cyber Working Group takes into account international data standards. The committee recommended National Cabinet consider supporting a blockchain-powered national land registry as a pilot project for …

Blockchain associations from Australia and five Southeast Asian nations are joining forces to promote blockchain development and education. Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding Thursday to promote blockchain collaboration in the Asia Pacific, Business Times reports. Initiated by Blockchain Association Singapore, or BAS, the MoU aims to engage with regulators to ensure legal compliance alongside raising industry awareness and education through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC. The ABC includes BAS, Blockchain Australia, Distributed Ledger Technology Association of the Philippines, Malaysia’s Labuan International Business and …

While almost everyone agrees the blockchain industry needs to address the under representation of women in the sector, experts remain divided on the best way to achieve it. Should we take an interventionist approach or hope that as blockchain becomes more widespread it will hold more appeal outside of its core demographics? Recent data from trading platform eToro, which has 18 million registered users, suggests women account for just 15% of Bitcoin traders, and 12% of Ether traders. Panellists at an Australian Blockchain Week event on April 21 offered a range of views on how to provide more diversity in …

The Australian Securities and Investments Commission, or ASIC, has expressed its desire to support the crypto industry, noting the challenges associated with regulating innovative technologies. Speaking as part of a panel during Australian Blockchain Week on Thursday, ASIC commissioner Cathie Armour described the regulator’s objectives as working to “maintain, facilitate and improve the performance of [Australia’s] financial system and the firms that operate within it” while also ensuring that “all investors and consumers have the confidence the participate in the system.” “When we’re talking about new innovations like [DLT], or new products like various crypto asset products, from our perspective …

The Australia Securities and Investments Commission, or ASIC, is urging local blockchain and crypto firms to engage with regulators to help them foster innovation in the region. Speaking at the Australia Blockchain conference on Monday, Jonathan Hatch, senior advisor of strategic intelligence at the ASIC, emphasized the regulator is trying to build trust and collaborate with the crypto economy. Panelist Kevin Saunders, chief investment officer of Monochrome Asset Management, stated that while the blockchain sector could do more to understand the ASIC’s regulatory framework, the commission needs to provide greater clarity as to the industry’s compliance obligations. Saunders took aim …

Asahi’s Australian lager beer subsidiary Victoria Bitter has taken a step toward sustainability by allowing customers to earn a pint with solar energy via blockchain. According to a Wednesday announcement, Victoria Bitter has partnered with major blockchain energy firm Power Ledger to unlock a new program allowing participants to exchange excess solar energy for slabs of beer. “The only thing better than drinking the Big Cold Beer in the Aussie sun is earning beer while you do it. Plus it’s a real win-win for beer lovers and the environment,” Victoria Bitter’s general manager of marketing Brian Phan said. The new …