The latest Senate report on digital asset regulation is a pro-crypto statement of intent from the Australian government.
In October 2021, the Australian Centre for Technology and Finance Senate Committee released its long-awaited recommendations on how to regulate cryptocurrencies. The 168-page final report can be grouped into 12 recommendations aimed at creating legitimacy without Striking the right balance between inhibiting innovation. The report is a landmark report that shows Australia is clearly committed to putting itself at the forefront of global crypto investment.
- Four key recommendations from the report:
- Introduce a new set of encryption-specific licenses and regulations.
- Types of DAO organisations in Australian company law.
- Improve tax regulations for crypto transactions.
- Create new tax incentives to encourage energy efficient and environmentally friendly mining.