The Australian Senate’s Select Committee on Australia as a Technology and Financial Centre (ATFC) has presented today the final report regarding its recommendations for a clear regulatory framework for the sector of digital assets.
The report is comprised of 12 recommendations which also include the creation of legal structures that would recognize DAOs.
The proposal mentions that “any future regulatory framework should be technology-agnostic, and should not explicitly or otherwise endorse any particular technology. We propose that the Australian government aligns digital asset regulations with requirements imposed on the same asset in its traditional form, with the principle of ‘same risk, same activity, same treatment’.”
It is also recommended in the report that the country needs to create new licensing regimes for crypto exchanges and custody providers, but also a “token mapping” exercise that would have the goal of classifying digital assets as good as possible.
Andrew Bragg, a Liberal Party senator and chair of the committee, declared:
“Australia can be a leader in digital assets. This means Australians can access new choices and lower prices. It means Australians can have more control of their financial destiny rather than being dependent on endless intermediation.”