Blockchain Australia, the leading advocacy group for the crypto industry in Australia, has undergone a significant transformation, rebranding itself as the Digital Economic Council of Australia (DECA). This strategic move, coupled with changes in leadership, reflects the organization's evolving priorities and aspirations to foster broader engagement within the digital economy landscape.

The decision to remove 'blockchain' from its name signals a shift towards a more inclusive approach, aiming to attract a diverse range of fintech firms and traditional banking institutions. With Amy-Rose Goodey stepping into the role of managing director following Simon Callaghan's resignation as CEO, DECA is poised to embark on a new chapter of growth and collaboration.

Speaking at Sydney's Blockchain Week, Goodey emphasized the need for adaptation in response to the evolving industry landscape. "Originally, we had a lot of focus on the digital asset businesses who were the primary cohort, but we have expanded significantly," she explained. "As the industry evolves, we have to evolve."

DECA's revised membership structure reflects its commitment to embracing a broader spectrum of stakeholders within the digital economy. With categories ranging from crypto and Web3 to government and charities, the organization aims to create a platform that accommodates the diverse needs and interests of its members.

The decision to court payments and banking firms comes at a time of increasing tension between traditional financial institutions and the crypto sector in Australia. Major banks, including the "Big Four," have implemented restrictions on payments to crypto exchanges, citing concerns over fraud and compliance risks.

Goodey acknowledges the challenges facing the industry, emphasizing the importance of regulatory clarity and collaboration between banks and crypto firms. "There's risk aversion, and they need to do their own due diligence," she noted. "Once we have that framework, then there'll be confidence in the market."

Despite setbacks, including the rejection of the Digital Assets (Market Regulation) Bill 2023 by the Senate Committee on Economics Legislation, DECA remains optimistic about the future of crypto regulation in Australia. By fostering dialogue and engagement with industry stakeholders, the organization aims to contribute to the development of a robust regulatory framework that balances innovation with investor protection.