Australia Set For Crypto Regulation and Tax Reform

The Australian government is prepping with plans to extensively reform the crypto industry within the nation’s borders. Licensing Requirements The forthcoming regulations contain new tax measures as well as guidelines for the operations of crypto brokers and exchange platforms. They will also be used to help bolster the safety of investor funds. According to treasurer Josh Frydenberg, imposing strict taxes on crypto transactions within the country is a necessary move. Frydenberg stated that Australia's crypto sector is rapidly expanding; more…

Crypto.com Becomes A Financial Backer Of the Australian Football League

Crypto.com has taken yet another foray into the highly crypto-loving world of sports. The exchange recently signed a 5-year deal with The Australian Football League (AFL) to finance the Toyota AFL Premiership Season. It’ll also support the NAB AFL Women’s championship, making it the first crypto platform to sponsor a women’s sports contest. Crypto.com Partners w/ AFL The exchange announced its new partnership in a blog post earlier today. The deal makes Crypto.com the “Official Cryptocurrency Exchange and Official Cryptocurrency…

Australia Greenlights Bitcoin and Ether ETFs; Others Likely To Follow

The Australian Securities and Investments Commission (ASIC) just released new guidelines on establishing crypto ETPs in the country. Alongside numerous regulatory requirements, the commission is tentatively permitting Bitcoin and Ethereum backed spot ETFs to launch. Incredibly, they are also willing to evaluate other cryptocurrency's suitability as underlying assets for such products. Australia's Approach to Crypto ETFs ASIC revealed its openness to digital asset ETFs in response to the crypto industry earlier today. This was a follow-up to the commission's consultation paper…

Australian Man Charged With Laundering $4.3 Million Into Bitcoin

Australian Authorities have charged a Sydney man for alleged money laundering activities. This also marks the second high-profile money laundering arrest by the Police in recent months.  $4.3 million Laundered In Bitcoin Australian local news outlet the Australian Financial Review reported the news on Monday, February 22, 2021. According to the report, the New South Wales Police arrested a citizen named Yi Zhong on Monday. Zhong was arrested after police officers stopped his car in a Sydney suburb for a…

Crypto.Com Expands Card Services To Australia After Securing Financial License

Crypto.com has announced that it would be expanding its debit card services in Australia. According to a press release issued today, the exchange revealed that it had secured an Australian Finance Service License (AFSL) via the acquisition of The Card Group Pty Ltd. A Major Milestone For Crypto.Com Crypto.com further stated that securing the license was a major milestone and highlighted its commitment towards local regulatory frameworks. The AFSL license enables Crypto.com to issue cards to Australian residence and expand…

The ATO To Pursue Crypto Traders Over Tax Dues

Reports emerging from Australia indicate that the Country's tax administrator, The Australian Tax Office (ATO) is preparing to seek out crypto traders concerning their tax obligations.  Tax Claim Goes Back Several Years A media report on Wednesday cites an ATO spokesman confirming that the agency will contact over 35,000 traders regarding their tax compliance spanning a few last years.  The Australian law regards cryptos as property subjecting them to capital gains tax. Thus trades are mandated to report all proceeds…

Cryptocurrency Is A Legitimate Investment Tool, Says An Australian Judge

Recently, there is a defamation case in the New South Wales District Court, and Judge Judith Gibson approved the use of cryptocurrency as collateral. The judge said that cryptocurrency is a form of investment with recognition and acknowledged its volatility, as per a brief from the Australian Associated Press. The New South Wales court directed that the plaintiff must deposit 20000 AUD (about $13,000) in a bank account guarded by the courts. In this case, the plaintiff’s loss or success…

Australia Releases a National Blockchain Roadmap

Last year, Australia’s Ministry of Industry, Science and Technology, and Ministry of Trade Tourism and Investment announced an upcoming national blockchain strategy and roadmap. Recently, the Australian government announced the launching of its national blockchain roadmap. This blockchain roadmap aims at revolutionizing Australia’s blockchain industry. The roadmap contains the benefits of allowing blockchain technology within different sectors. The sectors prioritized are finance and banking. As per the national blockchain roadmap, a yearly business value of more than $175 million could…

RAIZ Prepares to Introduce BTC Fund Options

A January 20th report of the Australian Financial Review stated that the RAIZ startup is ready to offer bitcoin fund options. The startup Raiz has followed every legal procedure set by Australia's financial monitoring agency, otherwise dubbed Australia's Securities and Investment Commission. The Raiz network has over three hundred thousand registered users who maximize its micro-investment services, with over 445 AUD from funds for about 211 thousand customers. This millions worth fintech is probably the biggest in the country and…

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