Popularity of Crypto Investments Makes Case for Regulations, Australian Secur...
High rates of crypto ownership, with purchases often made on advice from Youtube and Facebook, make “a strong case for regulation,” according to the Australian Securities and Investments Commission. The watchdog backs its stance with poll results showing nearly half of retail investors in Australia keep one coin or another. Australian Securities Regulator Pushes for Rules to Protect Cryptocurrency Investors Pressure on Australia’s new Labor government is mounting, to put an emphasis on consumer protection as it takes over a task from the preceding conservative....
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The Australian Securities and Investments Commission (ASIC) recently opened a consultation for establishing methods and best practices for regulating crypto assets. The consultation paper seeks guidance on which crypto-assets should qualify as underlying assets, and how to make this determination. The proposal could signal the emergence of new crypto-based products in the Australian market. Australian Regulator Seeks Advice The Australian Securities regulator issued a public consultation paper to decide how to regulate cryptocurrency-based products. The paper, titled “ASIC consults....
An Australian regulator has warned residents seeking to self-manage their retirement funds to be wary of investing in crypto-asset investments that promise high returns in a short space of time. The regulator reiterates in the warning that crypto-assets are a high-risk and speculative investment. Scammer Tactics The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud....
Bitcoin and other related crypto products being offered by this Australian asset management company is now on hold. The Holon Investments Australia Limited has received cease-and-desist orders from the Australian Securities and Investments Commission. The three investment products that monitor Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) are the focal point of the stop orders. […]
The Australian Tax Office (ATO) has provided businesses with some more guidelines on how it intends to deal with bitcoin, stating that income and profits derived from bitcoin transactions are taxable. The letter, sent to an Australian bitcoin entrepreneur in response to a request made last June, was a private ruling to specific questions and noted its contents were valid only to that case. But it gives digital currency businesses in the country a better idea of how they should act to comply with tax regulations. The first question asked if transferring bitcoins to a private company in....
ATO (Australian Taxation Office) just released its guidance on the tax treatment of cryptocurrencies. The set of regulations coincides with Australia's 2013-1014 income tax returns. It has been a long time coming as CoinTelegraph initially reported that the ATO is planning to prepare the guidelines, and then postponing, then offering slightly more clarity, and now here we are. Bitcoin's popularity in Australia as well as New Zealand is booming, and increasingly more local startups are looking to adopt the cryptocurrency. Currently, there are 190 active companies in Australia using Bitcoin....