Australian government gives nod to 6 world leading crypto reforms
“What is clear is that if we embrace these developments, Australia has an enormous opportunity to capitalize on the convergence between finance and technology,” Treasurer Josh Frydenberg said. The Australian government is seriously consider the rollout of central bank digital currency (CBDC) and has backed numerous forward-looking regulatory crypto-proposals as part of a new “payments and crypto reform plan.”Treasurer Josh Frydenberg says the reforms "will firmly place Australia among a handful of lead countries in the world."The reform plan is said to be the biggest shake-up of the....
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Written by Colin Kwan, COO of Magnr/BTC.sx. Colin has over 10 years experience in investment banking, including senior management roles at UBS and Deutsche Bank. Colin also holds an MBA from the Australian Graduate School of Management. At the time of writing, the Greece debt crisis appears to have been averted, or at the least delayed. A €50 billion bailout package has been offered, if the Greek parliament agrees to implement extensive reforms that have been demanded by the eurozone. Although the risk of a Grexit has been reduced, it has not been eliminated. If the parliament votes to....
Australian Senator and Minister of Financial Services Jane Hume said that “cryptocurrency is not a fad. It is an asset class that will grow in importance.” She emphasized that the government won’t stand in the way of crypto investing. “We have to let people make their own decisions,” she said. Australian Government Won’s Stand in the Way of Crypto Australian lawmaker Jane Hume said on Thursday that cryptocurrencies are not a passing fad and will grow in importance as an asset class, the Financial Review reported. Her crypto comments were part of her....
The inquiry of the Australian Senate committee may overrule the decision of the Australian Taxation Office (ATO), which classified bitcoin as an intangible/foreign asset that falls under the coverage of Goods and Services Tax. The proposal submitted by the Australian government will have bitcoin considered as a traditional currency, and thus will nullify many of the regulations or legal "restrictions" set to be applied on bitcoin. "The opportunities for trade, investment, high salaries and world-leading skills are far more important [than any potential loss of revenue], and I urge the....
The Australian Government announced in its report entitled “Backing Australia's Fintech” that the current double tax law on digital currencies including Bitcoin is soon to be reformed. Digital currencies such as Bitcoin were in 2014 established by the Australian Taxation Office (ATO) as intangible assets for goods and services tax purposes. Thus, payments involving bitcoin have been considered as a form of barter rather than conventional transactions. However, the major issue with the GST law on digital currencies is that Australian residents who purchase items or goods using bitcoin are....
The new legislative package will address issues in crypto custody, taxation, and DAO operations in order to protect consumers against bad actors in the space. Australian Liberal Senator Andrew Bragg opened the Australia Blockchain Week conference with a bombshell legislative proposal that he hopes will lay the groundwork for a new Digital Asset ecosystem down under.The proposed Digital Services Act (DSA) legislative package calls for reforms in crypto market licensing, custody, decentralized autonomous organizations (DAOs), debanking, and taxes. Senator Bragg said in his address at the....