Australian Fintech Push Leads to Bitcoin GST Removal
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....
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Not one to remain behind in the FinTech race, Australia is increasing its investments in FinTech in a bid to boost its financial management systems and to improve its status as a leading country in financial technology, according to research from East & Partners, an Australian-based market research firm. The research found that Australian corporate treasurers are planning on increasing their spending on FinTech by around 12.2 percent. It added that 17.6 percent of treasurers had already invested in the sector while an additional 24.2 percent were exploring the possibility of investing.....
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....
The annual FinTech 100 list has listed nine Australian FinTech companies among the world’s leaders in the sector, according to a report by StartupSmart, an Australian publication for the startup community. Compiled by H2 Ventures and KPMG FinTech, it listed Prospa, Tyro, and Society One within the top 50 established leaders category, and HashChing, Afterpay, Brighte, Data Republic, Identitii, and Spriggy within the top 50 emerging firms. Speaking to StartupSmart, Beau Bertoli, Prospa founder and CEO, said that it was a major achievement to be recognized alongside of firms such as Square,....
Federal Treasurer Scott Morrison has said that the growth of FinTech and the financial sector moving into the digital space has produced a shift in how businesses operate presenting challenges and opportunities. At the recent G20 conference at Wiesbaden in Germany, Morrison spoke how innovation was changing the face of finance. In a report from InnovationAus, an Australian news site, he said that FinTech is the way of the future. He said: While we cannot go backwards, the success of fintech is not guaranteed. It is important that all of us work together, across borders, to help build this....
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....