A path to regulatory reform in the Blockchain sector?

A significant portion of the second interim report from the Senate Select Committee – ‘Australia as a Technology and Financial Centre’ – pertains to the issues surrounding the Blockchain and DLT sector.

Chapter 5 is of particular interest with respect to issues involving blockchain and the regulation of digital assets.

Among the recommendations was policy framework for digital assets and cryptocurrencies –

Recommendation 7.60
The committee recognises the clear appetite for improved clarity and certainty in the regulatory landscape applicable to digital assets, cryptocurrencies and related areas. While the committee heard extensive evidence on the need for such regulation, it heard less on concrete ideas for how this regulation should best be crafted.

Recommendation 7.61
For this reason, the committee will make this a focus of its deliberations in the final phase of this inquiry. The committee will examine more closely the application of capital gains tax to cryptocurrency transactions as part of these deliberations.