FinTech Australia Paving Way for Removing GST on Bitcoin Transactions
While it is crystal clear to a lot of people how something will have to change in the financial sector as we know it today, government officials are not always on the same page in this regard. The concepts of Bitcoin and FinTech seem to be confusing a large amount of politicians around the world, as their natural reaction is to overregulate these industries and preserve the financial ecosystem as we know it. But that situation is about to change, as FinTech Australia put together a manifesto for the federal government to expand the current ecosystem and allowing FinTech startups to breathe....
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Fintech Australia is a national Australian Fintech Industry Association. Their vision is to make Australia one of the world’s leading markets for Fintech innovation and investment. Founded in October 2015, their membership base now comprises over 70 startups, venture capital funds, hubs and accelerators across Australia that specialise in Fintech. As a not-for-profit organisation, they support the Australian Fintech community, build awareness and trust in Fintech startups and advocate for better policy on behalf of our members. Fintech Australia is the voice for Fintech innovation in....
FinTech Australia, the country’s national financial technology association, has appointed Danielle Szetho as CEO. This is exciting news for blockchain enthusiasts. FinTech and blockchain technology adoption seem to go hand-in-hand. The distributed and decentralized ledger is often seen as a valuable ally for the future of financial technology. FinTech....
Treasurer Scott Morrison saw the value in the proposition of removing GST on Bitcoin, as well as easing up on crowdfunding restrictions. But that is not all, as tax barriers for VC investors will be reduced, and a new regulatory framework will be established for Fintech startups over the coming months. Taking this “develop first and worry about regulatory compliance later” approach will create a more lenient ecosystem for startups and entrepreneurs in Australia. Australia and Bitcoin have not had a particularly happy marriage up until this point, as there has been a lot of friction....
It has to be said, Australia is showing a very bullish trend where venture capital is concerned in 2016. The fintech industry is heating up in Australia as of late. Westpac is backing a second AU$50m startup fund for fintech startups in the country. The bank will do so in collaboration with Sydney-based VC firm Reinventure. The hunt for promising Australian fintech startups is in full swing, and it is positive to see Westpac being part of this initiative. It is not the first venture by Westpac in the fintech industry either. The financial institution had shown its support for the local....
The Australian Government Treasury has, in a detailed policy statement pledging support for Fintech to boost the industry, revealed that digital currencies such as Bitcoin will be exempt from double taxation. The policy statement also details how the government plans on regulating companies in the Fintech arena, as well as those in the bitcoin and blockchain space. In a policy statement released by the Australian Government today, new proposed measures to boost the Fintech sector and establish Australia as a Fintech destination will see the government reduce tax barriers for Fintech....