I was born in Australia and half my heart still remains there. I’m a dual citizen and visit my family there regularly. Of course, as I’ve launched my own crowdfunding platform, Small Change, here in the US, I’ve also been following the progress of crowdfunding in Australia with much interest.
Legislation has been a long time coming. As other markets around the world were taking off the Australian market stagnated while the Federal Government deliberated for more than two years. Finally, in early 2017 the Crowdsourced Funding Act 2017 passed into legislation. This bill, however, only applied to unlisted public companies and there were concerns that this would deny small to medium enterprises access to crowdfunding. This time the Government acted fast and in September the bill was amended to include proprietary companies.
Australia’s Fintech Industry is already growing rapidly. Let’s see what happens next.