The Australian Senate proposes changes to the regulation of digital assets

Recommendations include clarification of new provisions on income tax on cryptocurrency and benefits for “green” miners

21.10.2021 - 13:00

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1 min

What's new? The Senate Committee on Australia as a Technology and Financial Center (ATFC) plans to make specific changes to the regulatory framework in order to give a serious foundation for the country’s crypto industry. The Committee has published a report stating the need to encourage investors and provide protection against fraud.

Report (ATFC)

What are the Senate's recommendations? The Committee proposed to establish licensing and auditing rules for digital currency exchanges. The legislators considered the importance of establishing a regime of custodial or depository storage of digital assets with minimum standards. The main recommendation is to create a new regulatory structure for the DAO related to decentralized community management and protocol. Another proposal was benefits for “green” miners.

What does the committee’s representative say? Andrew Bragg, a senator from the Conservative Liberal Party and committee’s chairman, said that the recommendations will help Australia create a regulatory framework for the crypto industry. The official believes that this will help the country compete in digital assets with other states. He added:

“The committee has recommended a comprehensive crypto framework to deliver Australian leadership. We’ll be competitive with Singapore, the U.K. and the U.S.”

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