HomeNewsAustralian Senator introduces Digital Services Act, laying down the framework for crypto

Australian Senator introduces Digital Services Act, laying down the framework for crypto

With the explosive growth of crypto last year, countries are now looking at laying out frameworks in order to incorporate the technology. Recently, an Australian Senator has introduced a legislative package for crypto assets that are expected to move into session soon.

Australian Senator Andrew Bragg had introduced Digital Services Act (DSA) legislative package. He introduced this at the Australia Blockchain Week conference. The legislative package calls for reforms in crypto market licensing, custody, debanking, and taxes.

Senator Bragg expects the legislation to “protect crypto users against malicious operators”. Moreover, he outlined the four main pillars that the DSA will guide. Also, he clarified that DSA will be technologically neutral, will consist of broad and flexible principles along with Ministerial control. All in all, this will help Australia in having a greater role in the crypto industry.

In his words:

“This will show Australia is open for business and things are clear and clean.”

He has insisted government branches take crypto as well as DAOs seriously. Moreover, he went as far as calling them “an existential threat to the tax base” under the rules of today.

Company tax is one of the primary sources of revenue for the government, especially in Australia. In terms of stats, this comes just behind income tax which is the largest source of revenue.

Senator Bragg affirms that his country’s “reliance on company tax is unsustainable” if an increasing number of organizations become a DAO. 

Here, the DSA will help the government in creating a framework for DAOs with keeping their core principles intact.

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