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Australia backs the ‘crypto revolution’ against big tech

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The federal government will consider new legislation to help Australia play a part in the emergence of Web3, a new form of the internet that underpins cryptocurrencies and digital assets and which Treasury sees as a source of new jobs and tax revenue for the economy.

A new Digital Services Act would protect consumers but also “wholeheartedly and comprehensively” grasp an opportunity for Australia and “signal that we fully appreciate the promise and potential of blockchain technology”, Senator Andrew Bragg will say in a speech on Monday morning.

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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/government-to-consult-on-laws-to-foster-regulate-crypto-20220318-p5a5yq