Regulation News From The Land Down Under
Market Meditations | March 22, 2022
- The proposed Digital Services Act (DSA) will target crypto custody, de-banking, taxing and have a particular focus on decentralised autonomous organisations (DAOs) operations.
- Bragg believes that DAOs pose “an existential threat to the tax base” under the current rules.
- According to data published by the Parliament of Australia, company tax accounts for the second-largest source of revenue for the government behind income tax.
- The Senator also said “reliance on company tax is unsustainable” should the number of organisations acting as DAOs increase.
- The DSA would task the government with creating a framework that allows the government to generate tax revenue without damaging the core principles of DAOs.
Showing willingness to fairly regulate the crypto industry is important as according to a survey from pollster Finder, 22.9% of Australians own crypto.