Australia risks missing out on a multitrillion-dollar opportunity to host and generate revenue from the companies seeking to disrupt global finance, business leaders warn, after Britain unveiled an ambitious plan to lure top cryptocurrency players with tax and start-up incentives.

Former ASIC chairman Greg Medcraft and venture capitalist Mark Carnegie say Australia must urgently develop a plan that encourages digital asset technology and investment. They want a bipartisan approach in the face of elevated global competition to attract start-ups building on blockchain technology.