Crypto Gains Under Threat As Australia Weighs Tax Reform
A one-year grace period will soften the blow for some investors, but the clock is already ticking. Assets acquired after May 10 will fall under the transition window, while those bought before that date will see their final tax bill calculated proportionally, based on how long they were held under each tax system. Related Reading: […]
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The government of Australia is preparing to comprehensively regulate the activities of cryptocurrency exchanges and custodians. The push is part of a major overhaul, aimed at preserving the country’s sovereignty over its payments system, which will also affect providers like Apple and Google. Payment Laws in Australia to Cover Crypto Business and Big Tech Authorities in Australia are gearing up to update the nation’s legislation governing payments in the largest reform of the industry in over two decades. The changes will expand the regulatory framework to encompass new....
AUSTRAC’s Brad Brown pointed towards the Mt. Gox debacle and Silk Road to make the report’s “findings” stick. The status of Bitcoin in Australia has changed quite a few times over the past few years. The latest legislative proposal will see Bitcoin regulated stricter under the country’s regular AML and counter-terrorism financing laws. To put this into terms people can understand, the Australian government sees Bitcoin as an emerging threat, rather than a valuable innovation, based on the latest AUSTRAC report. It is not entirely surprising to see the Australian government see Bitcoin as a....
Following Treasurer Josh Frydenberg’s “payments and crypto reform plan,” the RBA has published a report exploring DLT tech and wholesale CBDC issuance. The Reserve Bank of Australia (RBA) published a report into its two-year research project into wholesale central bank digital currencies (CBDCs) that emphasized the benefits of digitizing and autonomizing manual, paper-based banking processes using distributed ledger technology (DLT). The report marks the conclusion of the two-year project named “Project Atom” that was conducted in partnership with the Commonwealth Bank of Australia (CBA),....
Dr. Shann Turnbull, an author on reforming the theories of capitalism, has called for a government-supported digital currency to become the main currency of Australia. Writing in Online Opinion in Australia, Dr. Turnbull claims a government-supported digital currency would balance the budget, protect the economy from financial crises, eliminate the black market, reduce taxes, democratize credit and increase prosperity. Dr. Turnbull, principal of the International Institute for Self-governance in Sydney, Australia and co-founder of the Sustainable Money Working Group in the U. K., has....
Nigel Farage, a British politician and leader of Reform UK, a right-wing political party has outlined a crypto-friendly comprehensive plan to position the United Kingdom as a global leader in digital finance should his Reform party win the next general election. Speaking at the Bitcoin 2025 conference in Las Vegas, the Reform leader announced plans […]