Australia's new government finally signals its crypto regulation stance
Australian Treasurer Jim Chalmers said that his government will improve the way Australia’s system manages crypto assets and provide greater protections for consumers. Three months after being elected into power, the Australian Labor party has finally broken its silence on how it's planning to approach crypto regulation. Treasurer Jim Chalmers announced a “token mapping” exercise, which was one of the 12 recommendations in a senate inquiry report last year on “Australia as a Technology and Financial Center.” The report was warmly welcomed by the industry which has been anxiously waiting to....
Related News
Australia intends to do a virtual stocktake of cryptocurrency assets held by its citizens, the new executive power in Canberra announced this week. The move is viewed as an indication that the center-left government plans to regulate the country’s crypto space.
Treasury Embarks on ‘Token Mapping’ to Underpin Crypto Regulation in Australia
As part of efforts to adopt rules for the cryptocurrency sector, Australia’s Treasurer Jim Chalmers unveiled on Monday that his department is preparing to conduct “token mapping,” Reuters reported....
According to an Australian parliamentary committee, bitcoin is not a financial product yet. Based on their recommendation, the federal government should hold off on classifying cryptocurrencies as products that are subject to taxation. This parliamentary committee was created in October last year to investigate developments and applications of bitcoin and whether or not it should be covered in a range of regulatory issues such as taxation. However, the committee noted that bitcoin can be used for GST purposes. Bitcoin and Taxation. With that, the government could maintain its wait-and-see....
Australia plans on reviewing how cryptocurrency assets are managed this year by undertaking “token mapping” which has never been done before. The Labour government of Australia will be carrying out the process this year itself. This will be in order to keep the practices up to date and also safeguard customers. “Token Mapping” is a […]
Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament. The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto.According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies.According to inside sources quoted by the publication, authorities have dropped earlier plans....
However, it seems only normal governments around the world want to make sure Bitcoin is part of their AML regulation. Moreover, this decision indirectly gives cryptocurrency the label of “money” in Australia. Exciting changes are coming to Bitcoin in Australia, as the federal government will change their regulatory stance on cryptocurrency. Avoiding double taxation is the primary objective, and local AML/CTF regulations will be extended to cryptocurrency. First and foremost, the Australian government has announced they will change the way GST on Bitcoin is calculated, as they want to avoid....