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Sunday, August 7, 2022

Digital Services Act Landmark Proposed By The Australian Senator

Andrew Bragg, the Australian Senator, went on to open the Australian Blockchain Week conference where he laid the groundwork for a Digital Services Act. This was bombshell legislation that proposed package cells for reforms in the crypto market licensing, decentralized autonomous organizations, custody, taxes, de-banking. Senator Bragg stated that he would be expecting the legislation in the Act for the protection of consumers against malicious operators. 

Digital Services Act Has Been Served In The Australian Senate

Senator Bragg went on to outline the four main pillars that the Digital Services Act seeks guidance from. He went on to explain that the DSA would be technologically neutral, have flexible and broad principles, be regulated by a Minister rather than an agency that is developed by bureaucracy. In his view, such guidance will definitely help the country show that it was ready for a far greater role in the cryptocurrency industry. This also highlights that the country was open for business. 

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To that, Senator Bragg also mentioned that Australia’s reliance on company tax was quite unsustainable if an increasing number of organizations started transforming into DAOs. As a result, the Digital Services Act would be tasking the government with creating a framework for creating standards for DAOs without constraining their core principles. 

Elliptic, the blockchain tracking firm, stated on the 15th of March that several sanctioned individuals were holding cryptocurrencies, but Senator Bragg also went on to state that the Aussie government was powerless under the current Digital Currency Exchange laws to serve any form of retribution on such offenders. The Digital Services Act would possibly prevent such a situation from taking place, as the lack of jurisdiction from the DCE would serve as a motivation for making the new proposals in order to prevent sanctioned individuals.

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