Australian Senator Andrew Bragg has called for reforms in cryptocurrency licensing, DAOs, and taxation during the country’s Blockchain Week 2022 event.
Bragg believes that the Digital Service Act will create a virtual asset environment to shield consumers from illegal activities.
The legislative proposal will reportedly be technologically neutral and will be under the watch of a ministry and not a government agency.
The legislator has drawn the attention of the various government agencies to decentralized autonomous organizations terming them as a potential threat to the tax base. He observes that DAOs were not under corporate taxation.
The Senator says that the Australian government and its Digital Currency Exchange have no capacity to ensure sanctioned individuals don’t use cryptocurrencies as a loophole.
Bragg believes that a robust regulatory framework will keep the country ahead in the industry as Pollster Finder’s survey reveals that 22.9% of Australians owned crypto between October and December last year.
Source: ANDREW BRAGG