Australia soon to recognise DAO's and where I see Skippy by melbourneswest

View this thread on: hive.blog | peakd.com | ecency.com

hive-167922 · @melbourneswest · Dec 12 '21

$57.92

Australia soon to recognise DAO's and where I see Skippy

![Untitled design162.jpg](https://i.imgur.com/9hzKftT.jpg)

Australia has recently announced a suite of changes that will be taking effect in the new year as the federal government begins adopting cryptocurrency as an industry.

The information released is nothing new and it's why I quickly established a company, applied for a directors I.D and slowly moving the project forward in the current regulatory framework. I understand a number of people are histent and unsure about Skippy but I'm not building for today I'm building an entity for tomorrow.

In previous posts you'll recall that I have long stated that Australia was investigating the possibility of recognising DAO's as legal entities and that's what I am building towards.

![Untitled design163.jpg](https://i.imgur.com/Lya2BmE.jpg)
At current I am exploring staking opportunities that will enable decision making at an anonymous level and have found a few possibilities that can be enabled through Web 3.

The current barrier I am experiencing is the industry skill set is not available at current. I have a firm understanding of regulatory and business sector and have reached out to a number of developers whom can create current Web 3 Dapps. However, through a number of interviews I've held recently it is apparent that the Web 3 skills are limited to what's currently on the market. This is a barrier because I can already see where I need to go, what features I need and how to do it but there is no one with the ability as yet to make it happen.

![received_167751722201513.jpeg](https://i.imgur.com/5J89Hzn.jpg)

This is where my Kinaway Chamber of commerce membership will come in use as I am already in discussions around establishing a network base of industry leaders. At current RMIT University in Australia is leading the emerging tech industry. At some point I will be engaging with RMIT to develop what is needed to make the changes. In the meantime it is a waiting game and a slow development under current regulations.

## **Consumer protections**
![Untitled design164.jpg](https://i.imgur.com/uiHlrIK.jpg)
There is a new suite of rules coming out for consumer protection given the high profile news of an Australian company collapsing and running off with everyone's digital assets.

In my opinion the case sounds like a few mates having a fall out and some running off to China with the cash. This is in my opinion a crime. There are further cases emerging where high profile baristers established ponzi schemes and also ran off with peoples money which you can read more [Here](https://www.afr.com/companies/financial-services/victorian-barrister-allegedly-at-heart-of-global-fraud-ring-20211207-p59fgp)

## **Liquidity Pools**
I think the changes will alter how liquidity pools are managed and how they operate. This is something I am currently working on currently as the LP can not be the only buy in and exit. There needs to be a further means of purchase and sale to protect against high volatility and mass exits causing damage to companies and purchasers of tokens.

This is why with Skippy there is only a small LP at current and in time will grow because I am slowly moving towards an OTC and direct sale model. This model will also enable people to exit without the need of having to enter the pool.

The assets will be retained onshore in Australia and also provide a second layer ensuring assets and financials are safe from Hackers. Big pools are big targets for criminals and if you're building a Decentralised company your primary focus should be protecting those who are trusting your company and limiting risk.

But all this will occur in time. At current we're just waiting and slowly building towards the future and I have every intention of emerging as an industry leader solving many of the issues modern day block chains have.

You can read more about the incoming changes in Australia [Here](https://www.afr.com/technology/new-regime-may-force-crypto-assets-to-be-held-onshore-20211207-p59fk3?utm_medium=social&utm_campaign=nc&utm_source=Facebook#Echobox=1638916259)

*Images sourced from personal images and supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services*

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@melbourneswest/australia-soon-to-recognise-dao-s-and-where-i-see-skippy)

👍 leo.voter, edicted, steemychicken1, trumpman, apshamilton, birdwatcher, daveks, taskmaster4450le, hamismsf, jpbliberty, sumatranate, ssjsasha, hykss.leo, planetauto, mrsquiggle, juancar347, ruth-girl, talentclub, least, leofinance, steliosfan, unorgmilitia, trenz, break-out-trader, proofofbrainio, enforcer48, lbi-token, qwerrie, brofi, r1s2g3, marpa, taliakerch, m00m, failingforwards, richardcrill, steemexperience, jk6276, yaelg, smartvote, ecoinstats, pixelfan, iikrypticsii, adambarratt, solairitas, tbnfl4sun, chasmic-cosm, mrhill, ew-and-patterns, bobthebuilder2, tesaganewton, jacuzzi, esther-emmanuel, onepercentbetter, decomoescribir, luppers, jaraumoses, jfang003, zainalbakri, mightpossibly, vintherinvest, francyrios75, risckylu, magnacarta, brofund, and 155 others

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saboin.leo	78,124,012	17%
marimari142	681,701,228	13%
ujka-vs	733,559,491	13%
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@jfang003 · Dec 12 '21

$0.02

It's nice to see them take a lead on the other countries but I do hope they don't go back on their word and ban crypto. It is definitely a good leading case and one that other countries may follow if this goes well.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-melbourneswest-49gbmw)

👍 magnacarta, astil.codex, steempope, solomans.gate

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@mrhill · Dec 12 '21

$0.33

Re- DAOs, does this mean that if DAOs are treated like businesses under Australian law, and your personal crypto holdings are held by a DAO which you are the ‘director’ of, then the movement of the funds linked to said wallet will not be taxed? 👀

👍 melbourneswest, magnacarta, astil.codex, steempope, solomans.gate

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@melbourneswest · Dec 12 '21

$0.02

This is a complex question that requires proper tax advice and financial advice. I will say in my capacity which needs further investigation yes. Which is why I am preparing to enter this industry. 

There are already significant tax changes for instance Hive earnings just go onto my income statement and classed as income tax. Unless I hold and it increases than CGT applies but there is a 10k threshold. But it is complex and requires a tax professional response.

👍 magnacarta, steempope

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@mrhill · Dec 12 '21

Thanks fren.

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@pizzabot · Dec 12 '21

<center>PIZZA! 

PIZZA Holders sent <strong>$PIZZA</strong> tips in this post's comments:
@stickupcash<sub>(1/8)</sub> tipped @melbourneswest (x1)

<sub>You can now send $PIZZA tips in <a href="https://discord.gg/hivepizza">Discord</a> via tip.cc!</sub></center>

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@poshtoken · Dec 12 '21

https://twitter.com/ValloneSimon/status/1469821841317367811
<sub> The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.</sub>

properties (22)

@salvadornkpara · Dec 12 '21

$0.25

This is a right step on a right direction. 
>The information released is nothing new and it's why I quickly established a company, applied for a directors I.D and slowly moving the project forward in the current regulatory framework. I understand a number of people are histent and unsure about Skippy but I'm not building for today I'm building an entity for tomorrow.

Establishing a company is a very nice step to be among the first to be considered in the new laws adopting cryptocurrencies as a industry. Once this is announced it'll create opportunities for more investments in the crypto world and also people like myself will be heading to Australia to join your company. Thanks for sharing

👍 melbourneswest, astil.codex, steempope, solomans.gate

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@melbourneswest · Dec 12 '21

I agree, once the relative changes are enacted to ensure it is all possible there will be experiential growth in the sector.

👍 steempope

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@salvadornkpara · Dec 12 '21

$0.02

When ones expectations is beginning to be actualized, it brings joy and fulfilment. I pray that the laws will be quickly ratified and seeing cryptocurrency as night way of expanding the economy of Australia and the crypto world. Thanks for replying my comment

👍 magnacarta, steempope

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@shortsegments · Dec 13 '21

$0.24

Wow, this is very progressive, you must be proud that your country chooses to lead.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@shortsegments/re-melbourneswest-6adxf4)

👍 melbourneswest
👎 spaminator

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@stickupcash · Dec 12 '21

Cool stuff! !PIZZA

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@stickupcash/re-melbourneswest-6hj7d8)

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@williamtboy · Dec 12 '21

Australia government adopting crypto currency is good, Means that crypto currency are spreading every where. Now is the best time to invest and stake more of it because we don't know what will happen next year on crypto currency.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@williamtboy/re-melbourneswest-498vcp)

👍 steempope, solomans.gate

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properties (23)vote details (2)

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