Australian Senator Andrew Bragg proposes a new law that he hopes will lay the groundwork for a new Digital Asset ecosystem.
- The proposed Digital Services Act (DSA) legislative program pushes for reforms in crypto market licensing, custody, debanking, taxes, and decentralized autonomous organizations (DAOs).
- Senator Bragg stated that he expects the legislation to protect cryptocurrency consumers against malicious operators.
- Bragg further outlined the four main components guiding the DSA. He indicated that the DSA would be technologically neutral, have broad and flexible principles, controlled by a Minister than a bureaucratic agency.
- In his arguments, such a law would help Australia show that the nation is ready to take a prominent role in the cryptocurrency industry.
The Senator also target DAOs, challenging the various government to take them seriously. Under the current rules, he called them an existential threat to the tax base.
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Source: Andrew Bragg