Australia’s Senate Technology and Finance Committee wants lawmakers to create a national land registry based on blockchain technology.
A land registry based on blockchain technology
The Australian Senate Committee has just published report calling on the country’s authorities to create a state-owned land registry based on blockchain, as well as to introduce more clarity on smart contract laws.
The second periodical report of the Select Committee on Australia includes 23 recommendations on blockchain, consumer data and corporate taxation. The five recommendations are specific to blockchain and digital assets, including the Cyber Working Group Council of Financial Regulators Cyber Working Group considering the country’s implementation of international data standards.
The committee recommended that the National Cabinet, the Australian government, consider establishing a national blockchain-based land registry as a pilot project for “RegTech” activities. All this to streamline administrative processes in both the public and private sectors.
The Committee was particularly impressed with the potential of blockchain technology to increase efficiency in the area of land registries and recommends further exploring this issue in the context of the work of the Council of Ministers
– handed over.
The Commission also noted the need for more clarity and certainty in digital asset regulation and highlighted industry stakeholders’ concerns about “Uncertain status”Smart contracts in the light of Australian law.
As added, “Although the committee has heard ample evidence pointing to the need for such regulation, it has heard less of any concrete ideas on how best to draft such a regulation.” Instead, she recommended the Australian government “To consider how best to improve transparency with regard to the position of smart contracts.”
The report called on the Department of Industry, Science, Energy and Resources (DISER) to publish regular progress updates on the National Blockchain Roadmap and to review and update the roadmap as the market evolves.
Moving on, the committee plans to analyze how capital gains are applied to cryptocurrency transactions and to consider more closely the regulatory implications for central bank digital currencies and stablecoins.