At Blockchain Week Australia on Monday, Australian senator Andrew Bragg called for “immediate” regulation of decentralized autonomous organizations (DAOs) under the country’s Corporations Act as part of his Digital Services Act proposal.
Because DAOs are not responsible to pay corporate tax, they represent a “existential threat to the tax base,” according to Bragg, who also calls for their regulation.
The government is anticipated to receive a report on digital asset taxation, conduct a token mapping exercise, and investigate DAO legislation by the end of 2022.
Bragg went on to say that his request for regulatory reforms is meant to safeguard the public from bad actors while also signaling that Australia is “open for business.”
In December, Australian Treasurer Josh Frydenberg highlighted the country’s plans to welcome cryptocurrency advancements as part of broader payments reforms.
Jane Hume, the minister for the digital economy and a Liberal Party senator, stated at the event that the government is working on a new licensing scheme that will give crypto exchanges a “badge of approval” and require custody.
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