Australia Intends To Regulate DAO In Accordance With Act Proposed By Senator

Speaking at the Australia Blockchain Week conference on Monday, Senator Andrew BRAGG presented a package of legislative initiatives that can lay the foundation for the development of cryptocurrencies and protect the rights of customers. The Digital Services Act (DSA) will be technologically neutral, as Australia is ready to develop the crypto industry.

The Digital Services Act includes requirements for obtaining licenses by crypto companies, rules for custody of digital assets, and regulation of decentralized autonomous organizations (DAOs). The senator called DAOs a major threat as they are not taxed as companies and corporate income tax is considered the Australian government's second largest source of income. The senator urges the authorities to work out the rules for taxing the DAO as soon as possible, without suppressing their basic principles of work.

Michael HARRIS, head of corporate development at Australian crypto exchange Swyftx, believes the government should set higher standards for the industry. He is sure that marketplaces have nothing to fear, because compliance with more stringent requirements will prove that they are serious about fulfilling their obligations to customers.

Image: Medium