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Why does the Australian Senator propose the Digital Services Act considered a landmark?

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Digital Services Act
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During the Australia Blockchain Week Conference, Liberal Senator Andrew Bragg proposed a legislative package addressing issues of distinct crypto operations and sectors. 

Australia Blockchain Week Conference is considered the biggest crypto, digital assets, and blockchain fest that lasts for five days. This year the conference opened with the legislative proposal by Australian Liberal Senator Andrew Bragg that hoped to lay the basic groundwork for making a new digital asset ecosystem in the region. 

As per the proposed Digital Services Act (DSA), the legislative package asks for crypto market licensing reforms in decentralized autonomous organizations (DAO), taxes, and debunking. During the conference in his address, Senator Bragg said that he views the legislation proposed in the Act to protect crypto consumers from malicious operators. 

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Senator further outlined four main pillars by which the proposed digital services act would be guided. He said that DSA would be neutral technologically. It would have broad and flexible principles, which would be regulated by a minister, not by any bureaucratic agency, and use government resources and people. As senators think such guidance would help Australia show that the nation is all set to take and play a greater role in the crypto industry. As he said, this will show Australia is now open for business, and things are clean and clear. 

The Senator’s take was also on decentralized autonomous organizations challenging different government branches to take them seriously. He went out calling them an existential threat to their tax base under existing current rules.  

As per the data published in the Australian Parliament, the second-largest source of revenue for the government is the tax accounts by income tax. However, it stated that DAOs are not to be taxed as companies as they are not. 

Senator Brad stated that his country’s dependency on company tax might not be sustainable for the long term if the gradually increasing number of such organizations become DAO. As a result, the DSA would arrange a task for the government to create a framework for forming standards for the decentralized organizations without interfering with their core principles. 

By defining those standards, Bragg said that they would ensure that consumers would have access to audit, disclosure services, and assurance from DAOs that help distinguish retail and wholesale organizations. He also called for the treasury to address the related issues while leaving the field open for DAOs continuing to live up to their names. 

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