Skip to main content

Australian senate committee calls for national blockchain land registry

Australia’s senate committee on technology and finance wants lawmakers to establish a national blockchain land registry.

An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for DLT.

The Select Committee on Australia as a Technology and Financial Centre's second interim report offers 23 recommendations spanning blockchain, consumer data, and corporate taxation.

Five recommendations deal specifically with blockchain and digital assets, including that the Council of Financial Regulators Cyber Working Group takes into account international data standards.

The committee recommended that National Cabinet consider supporting a blockchain-powered national land registry as a pilot project for Commonwealth-State cooperation on “RegTech’ to highlight ways to streamline administrative processes in both the public and private sectors.

“The committee was particularly impressed with the potential for blockchain to drive efficiencies in the area of land registries, and is recommending that this issue be further explored in the context of the National Cabinet.”

Zooming out, the committee noted there was a need for more clarity and certainty in digital asset regulations, and highlighted concerns from industry stakeholders regarding “the uncertain status” of smart contracts under Australian law.

Despite hearing about the concerns, the committee didn’t hear many solutions:

“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." 

Instead it recommended the Australian Government “consider how best to improve clarity with respect to the standing of smart contracts.”

The report called on the Department of Industry, Science, Energy, and Resources, or DISER, to publish regular updates on the progress of the National Blockchain Roadmap and to to review and update the roadmap as the space evolved. 

Moving forward, the committee plans to review how capital gains are applied to cryptocurrency transactions, and give deeper consideration to the regulatory implications of central bank digital currencies and stablecoins during the final phase of its inquiries.



from https://ift.tt/3xDiUSa
https://ift.tt/3eO1VV0
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

Osprey sues Grayscale for misrepresenting likelihood of GBTC ETF approval

Osprey alleges its only competitor on the BTC OTC trust asset market gained its 99.5% market share by misrepresenting the likelihood of its trust becoming an ETF. Digital asset manager Osprey Funds filed suit against Grayscale Investments in Connecticut Superior Court on Jan. 30, alleging violation of the state’s Unfair Trade Practices Act. The suit concerns Grayscale advertising and promotion of the Bitcoin ( BTC ) exchange-traded fund (ETF) it is seeking to create.  Osprey stated in the suit that it is the only competitor to Grayscale on the over-the-counter traded Bitcoin trust asset management market, and Grayscale maintained its leading position through deceit: “Only because of its false and misleading advertising and promotion has Grayscale been able to maintain to date approximately 99.5% market share in a two-participant market despite charging more than four times the asset management fee that Osprey charges for its services.” Specifically, Osprey alleged that Graysc...
Post a Comment
Read more