Australian Crypto Convention 2022

By Brand Heeler

The inaugural AusCryptoCon was held in September 2022 on the Gold Coast, Qld.

Last week, we attended the first AusCryptoCon and it was a huge success. Two full-on days crammed with presentations, exhibits and networking all aimed at answering a single overriding question: what is the future of crypto and where is blockchain heading?

Australian Crypto Convention 2022

BrandHeeler team-member Graeme was speaking as part of a legal panel helping to map out the regulatory and legislative landscape to a packed audience. We also got to meet some seriously clever people, hear about some truly innovative projects, and see some amazing tech in action. Like everyone, we left with a headful of new ideas and information. Once the buzz had died down a little, we thought we’d try to summarise our main takeaways from the event:

Blockchain is still fascinating

Even in the depths of a cryptowinter, thousands of people are passionate enough to invest their time and money investigating this technology. From sophisticated institutional players to individual “hodlers”, there was a genuine and palpable appetite to dive deeper into how blockchain can affect society and the environment.

Blockchain is still fast-paced

We met people working on processes and protocols that just didn’t exist this time last year. And as soon as we felt we were catching up, there was something else new to learn. If you’re involved in any way with blockchain, you’ll be used to that feeling! As the great poet W. H. Davies put it, there’s simply “no time to stand and stare”.

Blockchain is still thriving

Last year’s overheated market may have burst but one of the benefits of a downturn is that it’s an opportunity for a reset, giving a chance for the ecosystem to sort the chancers from the serious players. With projects taking longer to build and deliver, investors are no longer being FOMO’s into backing the first one they see. Instead, they’ve got time to properly assess the pro’s and con’s of each proposal, which is vital before taking on any commercial risk. Good projects with solid communities are doing well; lazy projects with shaky foundations are being recognised for what they are.

Regulation is coming…

While there may be money to be made from chaos and anarchy, a mature, productive economy requires a rules-based approach if it’s ever going to attract reliable, long-term investment and innovation. National governments are racing to be in the lead to shape the future of regulation and to establish international standards for blockchain. Even if the prevailing winds are blowing from overseas, Australia needs to be at the forefront of devising appropriate frameworks. Striking the right balancing between privacy and transparency, decentralisation and accountability, or freedom to trade and consumer protection is far too important to leave to foreign governments or corporations to decide.

…but technology will have to adapt too

Common law systems in the Anglo-Australian tradition are well placed to accommodate new technologies and challenges but, even with additional legislation, there’s only so far the law can go before practical enforcement and compliance become meaningless. Despite the protestations of some, blockchain and crypto are likely to have to meet regulation somewhere in the middle.

Lamborghinis are pretty cool

All that “wen lambo?” in Discord channels may be pretty cringe, but there’s no denying it – these cars look amazing!

Next year’s AusCryptoCon is slated for Melbourne – we’re looking forward to it!

This article contains our thoughts and opinions on an issue of general interest and is written from the perspective of Australian and/or English law. It is not legal advice and is not provided in the context of a solicitor-client relationship. It may not even be relevant to your jurisdiction. No duty of care is assumed or accepted. Please carry out appropriate research and consult with a suitably qualified legal expert before taking any action or making any decisions.