Aussie senate committee proposes overhaul of crypto taxes, DAOs and exchange licenses
The Australian Senate committee has made a number of wide-ranging recommendations to develop a “forward-leaning” crypto regulation framework.

The Senate Committee on Australia as a Technology and Financial Center (ATFC) has just tabled its third and final report in Parliament which has 12 far-reaching recommendations for the regulation of the digital asset and fintech industry down under.

It proposes new licenses for crypto exchanges, new laws to govern Decentralized Autonomous Organizations, an overhaul of capital gains tax in DeFi, and a tax discount for crypto miners using renewable energy.

In general, the report found that there is a need for more regulatory clarity and certainty while avoiding stifling innovation with onerous requirements.

A key recommendation is to establish a new DCE Market License for digital currency exchanges including requirements relating to capital reserves and auditing. The requirements should be scalable so that smaller operators are not squeezed out of the market.

The capital gains tax rules should be updated to provide more clarity around the tax treatment for crypto assets and DeFi staking. The committee suggested that unlike in the current system, capital gains tax should only be applied when cryptocurrency transactions “genuinely result in a clearly definable capital gain or loss.”

The committee also recommended that the Treasury lead a policy review of the viability of a central bank digital currency (CBDC), as well as put forward a proposal for a company tax discount of 10% for crypto miners who use renewable energy.


Bitcoin futures ETF debuts with highest ever first day ‘natural’ volume of $1B
ProShares’ Bitcoin futures-based ETF closed the opening day with BITO priced at $41.94, with its $1 billion worth of volume being described as the highest ever first day “natural volume.”
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ProShares’ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day “natural” volume for an ETF, with the figure reaching a little over $1 billion by the end of the opening day.

It is second overall, tailing just behind the Blackrock US Carbon Transition Readiness ETF which booked $1.16B in volume on its debut in April.

The ProShare’s Bitcoin futures-based ETF launched on the New York Stock Exchange (NYSE) on October 19 with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94 with a total of 24.313 million shares changing hands, equating to a first-day volume of just over $1 billion.

Commenting on the BITO’s opening day performance, Bloomberg’s senior ETF analyst Eric Balchunas tweeted that ProShares’ ETF was arguably the largest in terms of “natural” or “grassroots interest.”


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