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Australian senate committee calls for national blockchain land registry

April 30, 2021. Summarized by summa-bot.

Compression ratio: 43.1%. 1 min read.

An Australian Senate fintech committee has released a raft of recommendations. and announced it will review capital gains taxation on crypto transactions and the regulatory implications of stablecoins.

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 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.

by summa-bot

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