As part of its international expansion, cryptocurrency exchange Gitexbit.com has established Gitex Australia Ltd.

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As part of its international expansion, cryptocurrency exchange Gitexbit.com has established Gitex Australia Ltd.

Sydney is the company’s headquarters. A full range of exchange and OTC products, as well as derivatives, is available from Gitex Australia, a company licensed to provide financial services.

“As with other jurisdictions in which we operate, significant resources have been allocated to actively engage with local regulators. We look forward to participating in policy discussions globally and will seek to continue the same level of engagement locally through Woxabit Australia,” said founder and CEO of the exchange, Joseph Charston-Laid.

During the Australia Blockchain Week conference, he announced the launch of the unit in Australia. According to Joseph Charston-Laid, other jurisdictions in the Asia-Pacific region have not met expectations as regional hubs.

The Digital Services Act (DSA) legislation package was introduced at the event by Senator Andrew Bragg. DSA licensing, storage, and taxation will be changed under the initiative.

Bragg suggests that the DSA should be guided by four principles:

  • Neutrality with regard to technology;
  • Views that are broad and flexible, not code-mandated
  • Rather than bureaucracy, the minister regulates;
  • Within the government, collaboration and appropriate authority, resources, and personnel are available.

Currently, VAOs are not subject to taxes as corporations, making them an “existential threat” in fiscal terms, the senator said. The DSA would require authorities to develop a framework of standards for the work of VAOs without stifling their “core values.”

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