{"id":356856,"date":"2021-10-23T08:21:00","date_gmt":"2021-10-23T05:21:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/"},"modified":"2021-10-23T08:21:00","modified_gmt":"2021-10-23T05:21:00","slug":"australian-senators-pushing-for-country-to-become-the-next-crypto-hub","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/","title":{"rendered":"# Australian Senators pushing for country to become the next crypto hub"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3faafbc8a08\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3faafbc8a08\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Generating_a_response\" >Generating a response<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#DAOs_a_company_law_vehicle\" >DAOs a company law vehicle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Stop_de-banking_of_crypto_exchanges\" >Stop de-banking of crypto exchanges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Rejecting_the_Financial_Action_Task_Forces_FATF_Travel_Rule\" >Rejecting the Financial Action Task Force\u2019s (FATF) Travel Rule.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Clearing_up_the_DeFi_tax_nightmare\" >Clearing up the DeFi tax nightmare<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Mostly_positive_response\" >Mostly positive response?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\/#Devil_in_the_details\" >Devil in the details<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Australian Senators pushing for country to become the next crypto hub <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvZTI0M2E1N2ItYjhmOS00MzFlLTljMDctMzk1M2Y1ZjA4YWU1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Top-down governmental responses to innovation have always been questioned by entrepreneurs. Right now in crypto land as institutional investment flows steadily in and decentralized finance (DeFi) use cases and products have continued to flourish over the past 18 months, many crypto companies are begging for further regulatory clarity.<\/p>\n<p>The original Australian Senate Select Committee on FinTech and RegTech, chaired by Senator Andrew Bragg, was established in 2019 to strengthen the regulatory environment for fintechs and regtechs in Australia. It would quickly become known as the Bragg Inquiry and is now largely focused on crypto. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>ly not regarded for its regulatory progress, Australia\u2019s quick pivot to researching and proposing helpful rules for the crypto industry has surprised many. <\/p>\n<p>Judging by the report\u2019s heavy quoting of stakeholders, the Australian government\u2019s October 2021 Senate inquiry final report into digital assets has attempted to truly listen to the vast concerns and aspirations of the bustling Australian crypto industry, with almost 18% of Australia\u2019s population <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.finder.com.au\/finder-cryptocurrency-adoption-index\">owning<\/a> crypto. The inquiry released its final report after six months of hearings and submissions on the topic. This timely report has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.smh.com.au\/business\/companies\/crypto-sector-jubilant-over-reforms-but-implementation-delays-a-concern-20211021-p591zs.html\">received<\/a> widespread industry <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lause.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Generating_a_response\"><\/span>Generating a response <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Notable recommendations include proposals for tax reform and a possible new corporate entity to be able to register decentralized autonomous organizations (DAOs) in Australia. The recommendations present an opportunity to attract jobs, investment and innovation to Australia and to retain talent.<\/p>\n<p>The outcome is perhaps not surprising, given that Bragg is making his mark as a \u201cCrypto Bro.\u201d He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/AustralianPolitics\/comments\/oofevk\/i_am_senator_andrew_bragg_i_am_chairing_a_senate\/\">participated<\/a> in a July \u201cAsk Me Anything\u201d session on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a> and met with crypto stakeholders. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reddit.com\/r\/AustralianPolitics\/comments\/pn9x48\/i_am_senator_andrew_bragg_i_am_chairing_a_senate\/\">conducted<\/a> another in September, where he proclaimed: <\/p>\n<blockquote><p>\u201cI am very keen on the democratic mandate of crypto \u2014 I think it has created an asset class that anyone can access.\u201d<\/p><\/blockquote>\n<p>He seems to understand the space well, as the final report suggests Australia create DAOs as a new legal corporate vehicle. An acknowledgment that is trying not to subsume these new technologies into existing legal frameworks is contrary to Australia\u2019s common law legal system built on precedent and legislation. On Reddit, Bragg had tipped his hat to progressive legislation in the United States state of Wyoming: \u201cThe point here is regulatory arbitrage. We want the innovation to be legitimised through a non-stifling regulatory approach. Do you think the Wyoming DAOs are a good idea?\u201d<\/p>\n<p>So, has crypto gotten too big for the government to ignore? The report suggests the committee, composed of six members from the major political parties and an independent senator, and not just Bragg, is willing to explore new ideas and genuinely support Australia\u2019s place as a home for crypto innovation.<\/p>\n<p>The summation of the report is that Australia might legislate an encouraging regulatory regime for ambitious concepts such as DAOs and that crypto custodial services can now be conducted in Australia. Does this provide an example for less crypto-friendly countries to follow? After all, Australia has been long known for dangerous wildlife and, rarely if ever, for innovative regulation.  <\/p>\n<p>It could be argued that with this move, Australia is looking to position itself as a location with favorable laws, hoping to attract more business. \u201cJurisdictions that provide competitive policy for decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> will attract talent and investment in this space,\u201d noted Kelsie Nabben, a Blockchain Australia board member and Cointelegraph contributor. Wyoming made DAOs a corporate entity a year ago and is now celebrated in crypto circles globally.<\/p>\n<p>The industry welcomed the report but there are concerns that few in the government understand the industry well enough to adequately debate and pass the legislation. Chloe White, CEO of Genesis Block, is well known in crypto circles, having been the Australian government\u2019s former \u201cambassador for blockchain.\u201d She told Cointelegraph that the government will need to ramp up its efforts in order to follow through on execution:<\/p>\n<blockquote><p>\u201cThe reforms proposed by the Senate mark a turning point. However, the government will struggle to meet the Senate\u2019s ambitious deadline \u2014 of 12 months to legislation \u2014 if it does not liaise closely with industry experts to earn a more thorough understanding of digital assets.\u201d<\/p><\/blockquote>\n<p>The final report \u2014 if implemented \u2014 would offer much regulatory clarity for the crypto industry. Here are some of the key recommendations that were included:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"DAOs_a_company_law_vehicle\"><\/span>DAOs a company law vehicle <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Investor Telegram groups have paid considerable attention to the Australian inquiry. Notably, investors are greatly excited by the recommendation for the government to establish a new DAO company structure into corporate law. Legal personality for DAOs and limited liability for members would open the floodgates of innovation. <\/p>\n<p>This Senate\u2019s final report itself noted: \u201cLegal liability for members (i.e. token holders) for these organisations is currently unclear, and this regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.\u201d In other words, institutional investment could now flow to major DAO-based projects.<\/p>\n<p>\u201cThis is a big one. If legislated, these will be the most significant reform to corporate law in two decades,\u201d RMIT Blockchain Innovation Hub researcher Aaron Lane <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rmit.edu.au\/news\/media-releases-and-expert-comments\/2021\/oct\/senate-crypto-asset-report-a-compelling-roadmap-for-australia-experts\">noted<\/a> in a press release, adding: \u201cProviding DAO members with the option of a limited liability company structure will encourage talent and investment in Australia.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Stop_de-banking_of_crypto_exchanges\"><\/span>Stop de-banking of crypto exchanges <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The committee first recommended establishing a new market licensing regime for crypto exchanges since the major Australian banks have long been accused by Australian regulators and the Senate Inquiry of the anti-competitive removal of remittance payments for crypto exchanges or \u201cde-banking,\u201d despite being registered with the financial services watchdog Australian Transaction Reports and Analysis Centre, or AUSTRAC. Large centralized crypto exchanges such as Independent Reserve supported the idea in their Senate submissions to the inquiry. <\/p>\n<p>Further, the proposal recommended establishing \u201cbespoke\u201d custody or depository regime for crypto assets. Crypto asset custody under the remit of Australian regulators would act as a risk minimizer for local investors and encourage custodial businesses to be set up in Australia. <\/p>\n<p>A \u201ctoken mapping\u201d exercise aimed at appropriately characterizing different crypto assets and determining if they are considered financial products that require some crypto exchanges to register for an Australian Financial Services License (AFSL) is also proposed. This would be welcomed by many, particularly those seeking institutional investment. Australia is also particularly well-known for long established custody rules from a highly professional superannuation industry as a reference point. <\/p>\n<p>One key change is to institute a new recourse for under-banked customers, which would allow customers to appeal to the banks\u2019 decisions. Common access could also be granted to the New Payments Platform, an industry-wide payments platform for Australia, national infrastructure for fast, flexible and data rich payments in Australia controlled by a group of major banks. <\/p>\n<p>This move would reduce the reliance on payments systems on the major banks since the crypto exchange industry in Australia is believed to be built on a house of cards without direct banking. Many crypto exchanges rely on two to three fintechs to bank with the Australian banking system. If those fintechs were de-banked, then the crypto exchange industry is plausibly at risk of collapse in Australia.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rejecting_the_Financial_Action_Task_Forces_FATF_Travel_Rule\"><\/span>Rejecting the Financial Action Task Force\u2019s (FATF) Travel Rule.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Furthermore, the inquiry rejected the Financial Action Task Force\u2019s (FATF) \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a> Rule.\u201d FATF is the international body that sets standards for Anti-Money Laundering. The Travel Rule means that in transactions involving virtual assets, ordering institutions must obtain and hold Know Your Customer (KYC) information for both the sender and the receiver. FATF currently has an extremely broad working definition regarding virtual assets and Virtual Asset Service Providers (VASPs).<\/p>\n<p>The key point is that FATF considers VASPs very broadly when it comes to the purposes of the Travel Rule. Decentralized exchanges (DEXs), certain decentralized application (DApp) owners and operators, crypto escrow services and certain nonfungible tokens (NFTs) are all considered VASPs. This, is of course, unworkable for DeFi projects which are open access to anyone with a crypto wallet and do not require verification. <\/p>\n<p>If crypto exchanges were overregulated under the wide FATF Travel Rule approach, this would likely stop Australia from becoming a hub of DeFi innovation. The Travel Rule is far too expansive in its description of VASPs, making enforcement very difficult for products such as high-frequency automated trading. <\/p>\n<p>While this would hinder experimentation in the crypto industry, it would also send some decentralized exchanges and protocols permanently underground, as they would seek to avoid any compliance. To date, no government seems to want to enforce the Travel Rule. Perhaps everyone is waiting for the U.S. to lead on the issue.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Clearing_up_the_DeFi_tax_nightmare\"><\/span>Clearing up the DeFi tax nightmare<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The evolution of DeFi has made the tax treatment of cryptocurrencies increasingly problematic for the industry. While Bitcoin (BTC) and Ethereum (ETH) are currently considered capital gains tax assets and eligible for capital gains tax upon the sale, DeFi\u2019s liquid speed presents a new problem for tax considerations. Examples include minting and staking, along with the tax status of crypto to crypto exchanges, liquidity provider tokens and wrapped coins, which remain unclear for tax purposes.<\/p>\n<p>The Bragg Inquiry recommended that capital gains tax should only be applied \u201cwhen there is a clearly definable capital gain or loss\u201d when a trade occurs. However, the threshold for triggering taxation has yet to be declared.<\/p>\n<p>Also, a 10% tax discount was proposed for businesses that sourced their own renewable energy to mine cryptocurrencies and could serve as a nice touch to attract talent to Australia.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mostly_positive_response\"><\/span>Mostly positive response?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many were <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/technology\/crypto-experts-praise-bragg-tech-report-sceptical-of-delivery-20211020-p591q7\">surprised<\/a> by the support from Australia\u2019s crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/technology\/crypto-experts-praise-bragg-tech-report-sceptical-of-delivery-20211020-p591q7\">industry<\/a>. CEO at BTC Markets, Caroline Bowler, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.brisbanetimes.com.au\/business\/companies\/major-shake-up-of-rules-on-the-table-for-australian-crypto-players-20211019-p591bh.html\">praised<\/a> the recommendations saying Senator Bragg&#8217;s report not only meets our expectations of a proportionate, responsive policy change but also surpasses it in many ways:<strong> <\/strong>\u201cFor an industry that is moving at such a rapid pace, these pragmatic recommendations are going to give a massive leg up in putting Australia on the global fintech map.\u201d <\/p>\n<p>Tim Lea, a crypto policy activist in Sydney and the CEO of fractional funding platform, Fractonium, told Cointelegraph: <\/p>\n<blockquote><p>\u201cThe report is supremely intensive. If the key recommendations are taken up, it has the potential to position Australia so strongly in the global markets as a jurisdiction with a workable regulatory framework that provides Australian innovators with the clarity, certainty and flexibility to aggressively seize global market share.\u201d<\/p><\/blockquote>\n<p>The order of the recommendations is notable and suggests that the government understood which policy levers to pull first. <\/p>\n<p>Fred Pucci, a long time crypto advocate and investor, told Cointelegraph that the report reads \u201ca bit like playing music. It makes artistic choices at every step.\u201d DeFi, which is hard to regulate if at all, was not explicitly mentioned in recommendation one, which concerns the establishment of a market licensing regime for digital currency exchanges. <\/p>\n<p>In recommendation two, custody is advised as important for investor protections but, again, no mention of DeFi or \u201cupstairs markets,\u201d an old term in equity for off-market trades being permitted but less transparent. <\/p>\n<p>Meanwhile, \u201cDAOs are the future and a key part of DeFi and this says that Australia wants to create a legal environment for experimentation in Recommendation 4\u201d states Pucci. It is interesting that DAOs are considered to be ahead of the Anti-Money Laundering reform recommendations. In short, crypto exchanges are supported front-and-center first in the recommendations, but the regulation is not over-reaching. This reflects the policy messaging throughout the 143 page report.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Devil_in_the_details\"><\/span>Devil in the details<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The report is mostly aspirational for now, but some regulatory patience may play in Australia\u2019s favor. This area could be finalized as these proposed laws settle in the future, giving Australia time to follow other jurisdictions. The token mapping delay is sensible because tokens and assets are hard to define, as every country now knows.<\/p>\n<p><strong><em>Related:\u00a0Crypto breaks Wall Street\u2019s ETF barrier: A watershed moment or stopgap?<\/em><\/strong><\/p>\n<p>Senator Bragg said he believed the recommendations struck the right balance between encouraging innovation and protecting consumers, and that he wanted the proposals legislated within 12 months. <\/p>\n<p>He also suggested that his aim was to challenge other crypto-friendly jurisdictions, Singapore, the United Kingdom and the United States. \u201cWhat we\u2019ve tried to do is not use old hooks for new coats. This is a detailed report with an agenda for Australian leadership in digital assets,\u201d he said: <\/p>\n<blockquote><p>\u201cWe want to be an economy which is dynamic, we don\u2019t want to be captured by the old vested interests of yesteryear.\u201d<\/p><\/blockquote>\n<p>Some are still reticent, recalling Australia\u2019s regulatory track record for innovation. \u201cThis is an 8.5\/10\u201d said Pucci, \u201cbut it\u2019s probably not going to get much better than this at the implementation stage. It still has to go through the Treasury and the rest of the political system.\u201d<\/p>\n<p>On Oct. 20, the Australian Senate Committee delivered a groundbreaking report calling for a complete overhaul of crypto legislation and licensing in the country. But, will it achieve its aim of transforming Australia into an international blockchain hub and providing a model for other countries to follow?\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/australian-senators-pushing-for-country-to-become-the-next-crypto-hub\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Australian Senators pushing for country to become the next crypto hub &#8221; Top-down governmental responses to innovation have always been questioned by entrepreneurs. Right now in crypto land as institutional investment flows steadily in and decentralized finance (DeFi) use cases and products have continued to flourish over the past 18 months, many crypto companies&#8230;<\/p>\n","protected":false},"author":1,"featured_media":356857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvZTI0M2E1N2ItYjhmOS00MzFlLTljMDctMzk1M2Y1ZjA4YWU1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75186,74355,20358,70934],"class_list":["post-356856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-dao","tag-adoption","tag-australia","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=356856"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/356857"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=356856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=356856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=356856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}