Steve Vallas

Steve Vallas, the CEO of Blockchain Australia, has announced via a LinkedIn post that he will step down from his position, leaving the company without an immediate replacement.

Vallas will officially depart Blockchain Australia on July 29, after originally declaring he would step down as CEO in a LinkedIn announcement posted three months ago.

In both his resignation posts, Vallas recognised his board (past and present), making special mentions of those who had played key roles during his time at Blockchain Australia. He also shared some kind words regarding the mission of his company and the industry:

https://www.linkedin.com/posts/stevevallas_the-best-endings-are-new-beginnings-after-activity-6924474300515201024-Mywl/

The future of the blockchain industry is extraordinarily bright and it’s been a privilege to play a part in this development.
Steve Vallas, original resignation announcement

Vallas’s initial resignation post stated that the “formal search for a new CEO [would] begin shortly”. However, Blockchain Australia has yet to find a suitable replacement for Vallas, leaving the position vacant on his exit.

Blockchain Australia was not Vallas’s only duty. He remains deputy chair of the National Blockchain Roadmap Steering Committee, as well as vice chair of the ASEAN (the Association of South-East Asian Nations) Blockchain Consortium. He also holds a position on the ASIC Digital Finance Advisory Panel, advising on financial and regulatory technology matters.

Blockchain Australia Operations

Blockchain Australia has taken multiple influential steps toward improving the sector over the past two years. In February 2021, the organisation terminated the membership of Gold Coast-based cryptocurrency Qoin. The reasoning behind this was outlined in a Notice of Member Disciplinary Resolution, which stated that Qoin had been targeting retail merchants across Australia.

Following this, Blockchain Australia began seeking “safe harbour” for crypto businesses as regulatory uncertainty ran rampant. The organisation petitioned for clarity regarding the regulatory framework for cryptocurrencies in Australia and, alongside industry-related partners, it recommended a set of regulations to the federal government with hopes of addressing these issues.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) published two guides this week with hopes of helping Aussies detect and prevent illicit crypto activity.

Focus on Ransomware, Debanking

AUSTRAC is helping companies identify when their customers are being forced to take part in paying ransomware creators or illicitly engaging with crypto. This assistance comes in the form of two guides and a warning that debanking customers without evidence is a harmful practice.

In what can be considered another positive step the government is taking to embrace cryptocurrency, the financial watchdog has been prompted to act after a recent increase in ransomware-related attacks and cases of debanking.

https://www.linkedin.com/in/stevevallas/overlay/photo/

Open dialogue, pro-active guidance, and strong relationships between government and industry are necessary to ensure businesses can identify and report behaviour that puts Australians at risk of harm.
Steve Vallas, Blockchain Australia CEO

The release of these documents follows guides from the Australian Securities and Investments Commission (ASIC) and AUSTRAC’s critical infrastructure bill.

ASIC and AUSTRAC Go After Scammers and ‘Finfluencers’

AUSTRAC and ASIC began investigating scammers deceiving crypto investors in March 2021. The investigation discovered that British scammers were stealing millions of dollars of crypto from Aussies.

The latest AUSTRAC guides come only weeks after ASIC released its guide warning Australian ‘Finfluencers’ of impending tighter regulations.