Australia’s New South Wales Ministry of Finance proposes regulatory reforms to blockchain

The New South Wales Department of Finance (NSW) in Australia is exploring regulatory reforms for blockchain and other emerging technologies. A new research paper from the Treasury Department pointed out that the state government is concerned about lagging behind disruptive technologies such as blockchain. Emerging technologies such as AI, blockchain and autonomous vehicles have disrupted traditional business models. This leads to regulatory agencies that must adapt to these new technologies. According to the Ministry of Finance, rule-based supervision needs to adapt to changing social and technological challenges, otherwise it may hinder the speed and effectiveness of innovation.