Australia strives for the licensing of crypto exchanges via the Digital Services Act

Australia strives for the licensing of crypto exchanges via the Digital Services Act

Australia drives its plans for the regulation of digital assets and asks industry for feedback to take measures that concentrate on custody, daos, taxation, licensing and questions of the industry's Debanking about the digital services of the government.

The Senator of the Australian Liberal Party, Andrew Bragg, called for a consolidation of the reforms, which were explained last year in a final report by a Senate Committee, and said that the law on digital services will aim to ensure a greater regulatory supervision and at the same time to prevent companies from examining their options abroad.

"This would make Australia one of the few jurisdiction that directly stand up to this problem and signal that we fully appreciate the promise and potential of Blockchain technology," said the Senator during his opening speech on the annual blockchain week of the country.

The Senate Select Committee on Australia AS A Technology and Financial Center, which presented its results in December in a final report, received and checked a variety of submissions and advised itself on a number of topics with industry experts, including certain cases of Debanking from Krypto company.

As part of her efforts, the government said on Sunday that it had a Consultation papier Industry to comment on the proposed measures for licensing and custody of crypto assets by the end of the month. The paper also goes into the first phase of a token mapping exercise, which is expected to be completed by the end of this year.

"We have actively advised ourselves to hear from a market licensing and custody requirement for Australia during this process and are very happy to hear from a market licensing and custody requirement," said Caroline Bowler, CEO of the BTC Markets crypto tour. "This commitment brings Australia into a leading position within a global regulatory environment and compensates for the competitive conditions internationally."

The crypto control is also an important focus of the law package proposed by the government, which published the description of the service on Sunday, which the country's tax authority commissioned to check the country's crypto tax landscape.

The board will take into account the current tax climate in relation to digital assets, understand the characteristics of the emerging investment class, compare the existing framework with the comparable legal system and check whether it would be appropriate to make changes at all.

The review, which is expected to be completed at the latest on December 31, is carried out on the basis that it would not increase the total tax burden for investors, said the government.

As part of the proposed tax reform, the liberal party also tries to bring Daos (decentralized autonomous organizations) to the corporations act.

"Since Daos are recognized as partnerships and not as a company, they are not subject to corporation tax," said the senator. "Daos are an existential threat to the tax assessment basis. They need to be urgently recognized and regulated."

The upcoming Bundestag elections are expected to take place before May 21st and the incumbent party against its rival, the Australian Labor Party.

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The contribution Australia Seeks Licensing of Crypto Exchanges via Digital Services Act is not a financial advice.