Digital Services Act (DSA): A new proposal by a liberal Australian Senator
Australia Blockchain Week has had a liberal tune as Australian Senator Andrew Bragg opened the conference by proposing Digital Services Act (DSA) with the aim to reform crypto market licensing, decentralized autonomous organizations (DAOs), custody, debanking, and taxes.
DSA aims to make the Australian financial system strong
Bragg, who believes that the DSA would lay the groundwork for the fresh Digital Asset Ecosystem, said during his address that he expects the legislation in the Act to “protect crypto customers against malicious operators.”The liberal senator explained four key pillars that would make DSA strong. The main key features of the DSA are:
- Technologically neutral
- Broad and flexible principles
- Regulated by a minister rather than a bureaucratic agency
- Use government workforce and resources
The Senator particularly outlined the situation around DAOs and said that they are challenging all branches of the government for creating a framework without stifling their core principles. He believes that under the current regulatory system, DAOs are an “existential threat to the tax base.”
Bragg on Sanctions
Another major issue that is highly talked about in the crypto sector recently has been the use of cryptocurrency by individuals and countries to avoid global economic sanctions. The US Senate is presently debating whether Russia would continue to fund its military operation in Ukraine with the help of Crypto. Interestingly, the Central Bank of Russia is displaying a totally opposite stance.Senator Bragg indicated that the Australian government was helpless to punish such violators under the present Digital Currency Exchange (DCE) legislation. "The reality is we don't live in a libertarian nirvana," he adds, citing the DCE's lack of jurisdiction acts as an impetus for the new proposals like DSA, to stop sanctioned entities from taking advantage of loose crypto regulations.
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