The Australian Senate Committee issued a report calling for the creation of a blockchain-based national land registry, greater clarity in smart contract laws, and continued efforts to set international standards for distributed ledger technology.
The second interim report from Select Australia Technology and Financial Hub provides 23 recommendations related to blockchain, consumer data and corporate tax.
Five recommendations are specific to blockchain and digital assets, including the Cyber Working Group to take into account international data standards.
The Committee recommended that the National Council of Ministers consider supporting a blockchain-supported national land register as a pilot collaboration by the Commonwealth Government on regulatory technology to highlight ways to streamline 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 register and recommends further investigation of this issue in the context of the National Cabinet.”
Following the miniaturization, the group noted the need for greater clarity and security in the rules for digital assets and highlighted industry concerns about the “uncertain status” of smart contracts under Australian law.
Despite these concerns, the committee did not hear many decisions:
“While the committee has heard extensive evidence of the need for such regulation, it has not heard much about concrete ideas on how best to frame this regulation.”
Instead, the Australian Government recommended “considering how best to improve the clarity of smart contract development.”
The report asks the Ministry of Industry, Science, Energy and Resources to publish regular updates on the implementation of the National Blockchain Roadmap, and to revise and update the roadmap as space evolves.
Going forward, the committee plans to analyze how capital gains are spent on cryptocurrency transactions and take closer account of the regulatory implications of the central bank’s digital and stable coins in the final stages of investigations.