The much-awaited final report into the crypto industry has been released by the senate offering valuable insight into how the Australian Government plans to develop the country as a global industry leader.
The Senate Select Committee on Australia as a Technology and Financial Centre was formed in 2019 to investigate the government’s role in regulating cryptocurrencies and digital assets, amongst other things.
Concerns regarding the energy intensity of cryptocurrency mining received special attention with the committee recommending legislation be amended to incentivise crypto miners to source renewable energy.
Businesses who source their own renewable energy for their mining activities would receive a company tax discount of 10 per cent.
“It’s great to see the government realise the opportunity that combining Australian renewable energy and crypto presents,” said Himari Energy founder Peter Gardiner. “Future incentives, combined with the safety and security of mining here in Australia, all contribute to an attractive investment for cryptocurrency miners.”
Committee Chair, Senator Andrew Bragg said the Committee has recommended a comprehensive crypto framework to deliver Australian leadership and make us competitive with Singapore, the UK and the US.
The report makes 12 recommendations which the committee hopes will drive opportunities for innovative businesses while protecting consumers.
Read the full report here.
The Senate Select Committee on Australia as a Technology and Financial Centre was formed in 2019 to investigate the government’s role in regulating cryptocurrencies and digital assets, amongst other things.
Concerns regarding the energy intensity of cryptocurrency mining received special attention with the committee recommending legislation be amended to incentivise crypto miners to source renewable energy.
Businesses who source their own renewable energy for their mining activities would receive a company tax discount of 10 per cent.
“It’s great to see the government realise the opportunity that combining Australian renewable energy and crypto presents,” said Himari Energy founder Peter Gardiner. “Future incentives, combined with the safety and security of mining here in Australia, all contribute to an attractive investment for cryptocurrency miners.”
Committee Chair, Senator Andrew Bragg said the Committee has recommended a comprehensive crypto framework to deliver Australian leadership and make us competitive with Singapore, the UK and the US.
The report makes 12 recommendations which the committee hopes will drive opportunities for innovative businesses while protecting consumers.
Read the full report here.
