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Friday, August 12, 2022

Australia Has Plans Of Creating A Competitive Edge

In October last year, the Senate Committee for Australia as a Technology and Financial Centre went on to release its recommendations. These recommendations were highly-awaited and focused on how cryptocurrency should be regulated in the country. The final report of 168 pages boils down to 12 recommendations that have been aimed towards striking the right balance between the creation of legitimacy without stifling any form of innovation.

This is quite a landmark report in that it demonstrates the efforts of the country to put itself at the forefront of crypto investment. Senator Andrew Bragg, the chair of this committee believes that the country can surely be a leader in most digital assets. 

Recommendations In Place For Cryptocurrency in Australia

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The first recommendation that this Committee has put out for Australia would be the introduction of a whole range of new crypto-specific licenses and a bunch of regulations. For too long, most regulators around the world have been looking towards trying to put cryptocurrency into traditional financial regulations.

This approach sorely underestimates the fundamental differences that exist along with the potential that digital assets have in the transformation of this world. The report also goes on to acknowledge the potential of crypto while calling for a range of bespoke cryptocurrency licenses in the country. 

The Committee has also asked for the introduction of a DAO entity in Australia which would be inducted in its corporate law. This recommendation can be quite a big deal, as it would imply that the government of the country was open to the DeFi sector along with innovations in cryptocurrency. As of now, Wyoming is the only region that has something like this in place- so the land down under would be an outlier. 

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Another important recommendation that has been stated would be the improvement in tax rules for transactions that are strictly crypto-to-crypto based in Australia. 

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