Select Committee on Australia Has Made 12 Recommendations to the Government to Develop Cryptocurrency

Translated by: MOS Education Group – Angelina

As quoted by Australia Athena Farm on Oct. 20, the Select Committee on Australia as a Technology and Financial Centre have made 12 recommendations to the Australian government to create a local crypto and blockchain development community.

The recommendations are for the Australian government to:
1.  Establish a market licensing regime for digital currency exchanges;

2. Establish a custody or depository regime for digital assets with minimum standards under the Treasury portfolio;

3. Conduct a ‘token mapping’ exercise, through Treasury and with input from other regulators and experts, to determine the best way to characterize the various types of digital asset tokens in Australia;

4. Establish a new decentralized autonomous organization company structure;

5. Clarify anti-money laundering and counter-terrorism financing regulations to ensure they are fit for purpose and do not undermine innovation;

6. Amend the capital gains tax regime;

7. Amend relevant legislation so that businesses undertaking digital asset ‘mining’ and related activities in Australia receive tax incentives;

8. Have Treasury lead a policy review of the viability of a retail central bank digital currency in Australia;

9. Ensure the Council of Financial Regulators implements a scheme to address the due diligence requirements of banks by June next year, in line with a recommendation from the 2019 ACCC inquiry into the supply of foreign currency conversion services;

10. Develop a clear process for businesses that have been de-banked.

11. Ask the Reserve Bank of Australia to develop common access requirements for the new payments platform in accordance with the report by Scott Farrell.

12. Establish a global markets incentive to replace the offshore banking unit regime by the end of next year.

The emergence of global cryptocurrency-related research and rules provides a great environment for the use and advancement of Himalaya Coin.

Sources: https://www.afr.com/companies/financial-services/the-12-point-plan-to-bring-crypto-to-the-fore-20211020-p591kt

Edited by: Hetangyuese
Proofread by: Hetangyuese
Posted by: Hetangyuese

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