A dazzling spectacle over Sydney Harbour wowed onlookers as it celebrated the growth of Australia’s crypto industry and symbolised the evolution of money.

The drone show included some spectacular crypto-themed scenes, including a huge Bitcoin, prompting fans to comment: “This is the biggest Bitcoin you’ve ever seen!”

The show was sponsored by Brisbane-based crypto exchange Swyftx and was a way to celebrate the growth of Australia’s digital asset industry over the past few years. Veteran Australian fintech/blockchain lawyer John Bassilios of Hall & Willcox wrote on LinkedIn that Swyftx’s yacht party and drone show were the highlight of the event.

Speakers at the conference covered topics such as the urgent need for regulatory clarity in the crypto industry and the growing role of cryptocurrencies in regional communities as cash entry and exit points become increasingly difficult to access.

While there is still a long way to go, particularly on the regulatory front, the Australian industry has seen strong growth in recent times, with one in five Australians now owning some form of cryptocurrency.

A major theme at this year’s Australian Crypto Conference was the need for swift regulatory action to ensure Australia takes advantage of the opportunities presented by the growth of the global digital asset industry.

Speaking at the convention on Saturday, Federal Opposition Senator Andrew Bragg criticised the current government for “dawdling” on crypto regulation, suggesting that Labor is deliberately dragging its feet on crypto legislation. Bragg also suggested that Labor is unwilling to provide regulatory clarity to the nascent industry, instead preferring the current “regulation by enforcement” approach.

Another key issue raised at the convention was that crypto ATMs are filling a gap left by traditional banks leaving regional Australian communities. CoinFlip VP of Australia and New Zealand Ben Brockliss told the convention that his company’s crypto ATMs are becoming increasingly important in regional areas as they now often provide the only easy access to cash.

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