But they want support for disruptive business models that could be creating the foundations for a more decentralised internet, where more value flows to creators rather than centralised, powerful corporations like the US technology giants.“decentralised finance, which allows banking-style “services to run on decentralised networks
The government on Monday will also release terms of reference for a Council of Financial Regulators review of major banks “de-banking” crypto start-ups. The consultations form part of its“DAOs are an existential threat to the tax base,” says Liberal senator Andrew Bragg. “They must be recognised and regulated as a matter of urgency.
Senator Hume will say the government wants to encourage competitors to Apple, Google and Facebook, which have “centralised control of the internet”, leading to “enormous market power centralised in the hands of a few tech giants”. Senator Hume will say the present policy debate around crypto is analogous to the creation of the internet itself in the late 1990s, “and the decisions now are very much like the decisions then: we can either sustain the right regulatory settings to accrue the benefits of the crypto asset revolution or we will simply miss out”.