The Australian Senate Committee for FinTech and Technology Regulation wants lawmakers to establish a national property registry based on blockchain technology.
Notable efforts with an idea of concrete use cases for blockchain in Australia
In September 2019, the Senate decided to create this committee to investigate and report on several subjects related to new technologies, including the barriers to adopting them, especially in the financial sector.
In the second interim report published on April 28, 2021, the committee calls on the Senate to create a national property registry based on blockchain technology. He would like better clarity from the laws relating to the smart contracts (smart contracts), as well as diligent efforts to establish international standards for the famous Distributed Ledger Technology what is the blockchain.
In the report 23 recommendations are proposed concerning blockchain, consumer data and corporate taxes, including 5 directly related to blockchain and crypto-assets. He also asks the Council of Finanial Regulators Cyber Working Group take into account international data as well as the standards already in place elsewhere.
This shows a clear desire to sit on the international stage as a benchmark in terms of standardization. Progress has already been made as the federal government has a national roadmap for blockchain released in February 2020 and which covers the period 2020-2025. In addition, the committee suggests that to be successful it will be necessary to attract international talents around the blockchain and the crypto-sphere. To do this, they would like to develop advantageous conditions and facilities for obtaining talent visas.
The committee recommended to the National Cabinet to consider the support of a national blockchain-based property registry as a pilot project in order to standardize administrative processes in the public and private sectors.
Looking back, the committee noted the need for more certainty regarding crypto-asset regulations and also highlighted concerns from various players over uncertainties in the status of smart contracts under Australian law. Finally, a review is planned on the question of the taxation of capital gains from crypto-currency transactions as well as a deeper reflection on the regulatory implications of Central Bank Digital Currencies (CBDC) and the stablecoins on the final stages of their investigation.
Perhaps a state that takes the issue of blockchain technology legislation very seriously? In the meantime, let’s already see what will be done on the European Union side with the regulatory project. MiCa (Markets in Crypto-assets)…
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