Australian lawmaker, Andrew Bragg, has proposed the Digital Services Act (DSA) legislative package in an attempt to lay the groundwork for a new cryptocurrency ecosystem for the country. The legislative proposal calls for crypto custody, market licensing, DAOs (Decentralized Autonomous Organizations), taxes, and debanking.
The US Treasury has released a report, noting that fiat currencies are still a major choice for financial crimes than cryptocurrencies. However, the report also touches upon the increased utilization of cryptocurrencies as payments for online drugs, money laundering, and avoiding sanctions.
A US Senator, Elizabeth Warren, introduced the “Digital Asset Sanctions Compliance Enhancement Act” on March 17, which if made into law, would require more action from crypto exchanges on Russian users. However, the bill has drawn constructive criticism from industry players due to its complex language and sweeping definitions. Here is a tweet from Coinbase’s Head of US Policy:
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