{"id":419194,"date":"2022-03-21T06:46:58","date_gmt":"2022-03-21T03:46:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/australian-senator-proposes-landmark-digital-services-act\/"},"modified":"2022-03-21T06:46:58","modified_gmt":"2022-03-21T03:46:58","slug":"australian-senator-proposes-landmark-digital-services-act","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/australian-senator-proposes-landmark-digital-services-act\/","title":{"rendered":"# Australian Senator proposes landmark Digital Services Act"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2efad5b7950\" 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-6a2efad5b7950\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/australian-senator-proposes-landmark-digital-services-act\/#%E2%80%9D_Australian_Senator_proposes_landmark_Digital_Services_Act_%E2%80%9C\" >&#8221; Australian Senator proposes landmark Digital Services Act &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Australian_Senator_proposes_landmark_Digital_Services_Act_%E2%80%9C\"><\/span>&#8221; Australian Senator proposes landmark Digital Services Act &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjljNmU3NzctZGQ1MC00NzYwLWJmNzEtMzc4YWI4MGRhYTdiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Australian Liberal Senator Andrew Bragg opened the Australia Blockchain Week conference with a bombshell legislative proposal that he hopes will lay the groundwork for a new Digital Asset ecosystem down under.<\/p>\n<p>The proposed Digital Services Act (DSA) legislative package calls for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.andrewbragg.com\/post\/address-at-blockchain-week-2022\">reforms<\/a> in crypto market licensing, custody, decentralized autonomous organizations (DAOs), debanking, and taxes. Senator Bragg said in his address at the conference that he expects the legislation in the Act to \u201cprotect (crypto) consumers against malicious operators.\u201d<\/p>\n<p>Senator Bragg outlined the four main pillars that the DSA is guided by. He explained that the DSA would be technologically neutral, have broad and flexible principles, be regulated by a Minister rather than a bureaucratic agency, and use government resources and personnel. In his view, such guidance will help Australia show that the country is ready to take a greater role in the crypto industry. <\/p>\n<blockquote><p>\u201cThis will show Australia is open for business and things are clear and clean.\u201d<\/p><\/blockquote>\n<p>The Senator also took on DAO\u2019s, challenging various branches of the government to take them seriously. He went as far as calling them \u201can existential threat to the tax base\u201d under current rules. <\/p>\n<p>According to data published by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.aph.gov.au\/About_Parliament\/Parliamentary_Departments\/Parliamentary_Library\/pubs\/rp\/BudgetReview202021\/AustralianGovernmentRevenue\">Parliament<\/a> of Australia, the company tax accounts for the second-largest source of revenue for the government behind income tax, however, DAOs are not taxed as companies. <\/p>\n<p>To that, Senator Bragg said that his country\u2019s \u201creliance on company tax is unsustainable\u201d if an increasing number of organizations become a DAO. As a result, the DSA would task the government with creating a framework for creating standards for DAOs without stifling their core principles.<\/p>\n<p>The standards would essentially ensure consumers have access to audit, assurance, and disclosure services from DAOs that help them distinguish between retail and wholesale organizations. Senator Bragg called for the Treasury to address those issues while also \u201cleaving the field open for DAOs to continue to live up to their name.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Building on Australia\u2019s crypto hub ambitions: address to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BlockchainAUS?ref_src=twsrc%5Etfw\">@BlockchainAUS<\/a>.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/j79BpbGJKI\">https:\/\/t.co\/j79BpbGJKI<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8bf7Sqjut4\">pic.twitter.com\/8bf7Sqjut4<\/a><\/p>\n<p>\u2014 Senator Andrew Bragg (@ajamesbragg) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ajamesbragg\/status\/1505683156099547139?ref_src=twsrc%5Etfw\">March 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Head of corporate development at Australian crypto exchange Swyftx Michael Harris is in favor of the government instating higher standards for the domestic crypto industry. He told Cointelegraph today that exchanges have nothing to fear from higher standards because \u201dMost Australian exchanges already take their duty of care to customers very seriously.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Aussie fintech to offer mainstream direct access to DeFi with a fixed rate<\/em><\/strong><\/p>\n<p>Harris added that the land down under should be leading the developed world in crypto regulation because of its high rate of adoption. A survey from pollster <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.finder.com.au\/finder-cryptocurrency-adoption-index\">Finder<\/a> found that 22.9% of Australians owned crypto from October to December 2021. Harris continued to state that:<\/p>\n<blockquote><p>\u201cWe see this as an important step forward. Australia has one of the largest crypto adoption rates in the developed world. It makes complete sense for us to lead on regulation.\u201d<\/p><\/blockquote>\n<p>One of the major concerns in the crypto market lately is its use by individuals and nations to circumvent global economic sanctions. There is currently a debate raging in the US Senate about whether the Russian government is able to keep its military operation in Ukraine funded with the help of cryptocurrency. <\/p>\n<p>Blockchain tracking firm Elliptic found on Mar. 15 that some sanctioned individuals are holding crypto, but Senator Bragg stated that the Aussie government was powerless under the current Digital Currency Exchange (DCE) laws to serve retribution on such offenders. The DCE\u2019s lack of jurisdiction served as motivation for making the new proposals to prevent sanctioned individuals from taking advantage of lax crypto laws, adding:<\/p>\n<blockquote><p>\u201cThe reality is we don\u2019t live in a libertarian nirvana. We cannot have regulatory arbitrage.\u201d<\/p><\/blockquote>\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-senator-proposes-landmark-digital-services-act\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Australian Senator proposes landmark Digital Services Act &#8220; Australian Liberal Senator Andrew Bragg opened the Australia Blockchain Week conference with a bombshell legislative proposal that he hopes will lay the groundwork for a new Digital Asset ecosystem down under. The proposed Digital Services Act (DSA) legislative package calls for reforms in crypto market licensing,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":419195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjljNmU3NzctZGQ1MC00NzYwLWJmNzEtMzc4YWI4MGRhYTdiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75186,20358,70934],"class_list":["post-419194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-dao","tag-australia","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/419194","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=419194"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/419194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/419195"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=419194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=419194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=419194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}