Alex Coin 
Senator Andrew Bragg introduced a comprehensive bill. He mentioned the need for regulation for DAOs because they are ” an existential threat to the tax base “.
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Australia is taking steps towards cryptocurrency-friendly regulation after several officials and politicians engaged in an effort to lay the legal groundwork for the growing ecosystem.
Australian Senator, Andrew Bragg, has introduced a proposed law called ” Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Services Act “ (DSA), which ranges from a licensing system for digital asset exchanges to a tax framework. It also mentions DAOs (decentralized autonomous organization) while seeking to ensure protection for crypto market an area or arena, online or offline, in which commercial dealings are conducted. investors.
Bragg introduced the legislative package during his keynote address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. for the annual conference of theSemana Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. de Australia.
Building on Australia’s crypto hub ambitions: address to @BlockchainAUS . https://t.co/j79BpbGJKI pic.twitter.com/8bf7Sqjut4
— Senator Andrew Bragg (@ajamesbragg) March 20, 2022
Australia moves forward with crypto regulation
As reported by Cointelegraph , Bragg describió los cuatro pilares principales de DSA. Explicó que la normativa sería tecnológicamente neutral, tendría principios amplios y flexibles y estaría regulada por un Ministerio en lugar de una agencia burocrática.
“ This will show that Australia is open for business and that things are clear and clean. “, said the senator expressing confidence that such a proposal will help Australia take a bigger role in the global cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry.
The Australian Liberal Party senator had already advanced that the DSA would seek to provide greater regulatory oversight and deter companies from exploring their offshore options. As he noted Blockworks The Senate Committee had initiated plans to regulate the sector last year and submitted a report outlining the legislators’ considerations in December.
As part of the effort, the Australian government released three documents on Sunday including a consultation seeking the views of industry stakeholders on approaches to developing a licensing and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. regime for digital assets. The other papers are a key part of the path toward reforms for the sector, which the government expects to implement by the end of 2022.
The local news media News.com.au which covered these developments, quoted statements by the Minister for Financial Services, Jane Hume.
The government can no more guarantee its cryptocurrency than it can guarantee a painting or a stake in a company, nor should it. But we can ensure that Australian exchanges, custodians and brokers, Australian players in the crypto ecosystem, operate within a regulatory framework that is better, safer and more secure.
Cryptotaxes and a framework for DAOs
Cryptocurrency taxes are another important part of Bragg’s proposed legislative package. According to a draft of the proposal, the country’s Board of Taxation would be assigned to review the nation’s cryptotax landscape.
According to Blokworks The board will consider the current tax climate for digital assets, understand the characteristics of the asset class, compare the existing framework with that of comparative jurisdictions and consider whether any changes would be appropriate. The review will be conducted on the basis that “ would not increase the overall tax burden “The government was quoted by the media as saying.
Meanwhile, during his speech, Bragg took on DAOs. As quoted by several news outlets, the senator urged the government to take them into consideration and proposed that they be included under the Corporations Act. Las DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. ” must be recognised and regulated regulation is when something is controlled by a specific set of rules. as a matter of urgency “and even went so far as to call them ” an existential threat to the tax base “ according to the current rules.
Según señaló Cointelegraph In Australia, corporation tax is the second largest source of revenue for the Australian government after income tax. However, DAOs are not taxed as companies. In this regard, Bragg warned that if more organizations become DAOs, it would be “a major challenge for the Australian government. unsustainable “for the country.
Under the DSA proposal, the government would be responsible for creating a framework for DAOs without stifling their basic principles. The standards would essentially ensure that consumers have access to DAO audit, assurance, and disclosure services that help them distinguish between retail and wholesale organizations. El senador Bragg pidió al Tesoro que aborde esos problemas y al mismo tiempo “ leave the field open for DAOs to continue living up to their name “.
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Article by Hannah Estefania Perez / DiarioBitcoin
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