The Australian Senate Committee released a report calling for a national blockchain-based real estate registry, increased clarity in smart contract laws, and continued work to set international standards for DLT.
The second sub-report of the Ad Hoc Committee on Technology and Financial Center Australia provides 23 recommendations related to blockchain, consumer data and corporate taxation.
There are five recommendations for blockchain and digital assets, including the Cyber Working Group of the Council of Financial Regulators, subject to international data standards.
The committee recommended that the National Council of Ministers consider supporting the blockchain-based national land registry as a model for Commonwealth and State cooperation at RegTech to highlight ways to improve administrative processes in both the public and private sectors.
“The committee is particularly impressed with the potential of the blockchain to improve the efficiency of the Land Registry and recommends that further study of this issue be undertaken in the context of the National Cabinet.”
To downsize, the panel noted that more clarity and security are needed in regulating digital assets, and highlighted concerns in the industry about the “uncertain status” of smart contracts under Australian law.
Although the committee heard the concerns, several decisions went unheeded:
“While the committee heard ample evidence of the need for such regulation, it did not hear much about specific ideas about the best way to formulate this ruling.”
Instead, the Australian government recommended “thinking about how best to improve the visibility of existing smart contracts.”
The report calls for the Ministry of Industry, Science, Energy and Resources, or DISER, to publish regular updates on the progress of the National Blockchain Roadmap, and to review and update the roadmap as the space evolves.
Going forward, the committee plans to study how capital gains are spent on cryptocurrency transactions and take a close look at the regulatory implications of central bank digital currencies and stablecoins in the final stages of its requests.