The Treasury Department of New South Wales (NSW), an Australian state, is exploring regulatory reform for blockchain and other emerging technologies.
- A new research paper released on Tuesday reveals the state governmentâs concerns over falling behind on disruptive technologies like blockchain.
- The current climate of âuncertaintyâ has given way to unexpected scenarios, prompting the need to update regulations around such emerging technologies, the paper reads.
- The Treasury acknowledged regulators need to catch up, saying falling behind the times is a growing problem.
- The NSW Treasury is responsible for the management of the stateâs finances, advising on policy and developing governance frameworks, and supplying analysis and advice to industry.
- With traditional regulatory models that oversee industry risk being challenged by societal changes, technological advancements and economic circumstances, the department recommends an âoutcome-basedâ regulatory approach.
- Such a model would provide âflexibilityâ for businesses to innovate and show appreciation for the potential of emerging technologies, without the need to seek approval from regulators.
- An acceleration of reforms could bring benefits worth $4 billion for the NSW economy stemming from a 5% cut in regulatory compliance costs for emerging tech providers, the Treasury suggested.
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