New crypto regulation, including tax reform, coming to Australia

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Sweep­ing reforms are com­ing to Australia’s cryp­to sec­tor, includ­ing a new tax sys­tem, addi­tion­al pro­tec­tions for investors, and reg­u­la­tion for cryp­to exchanges and brokers.

See relat­ed arti­cle: Aus­tralia on track for a cryp­to boom by 2030, EY report says

Fast facts

  • The Aus­tralian gov­ern­ment will release doc­u­ments relat­ing to the reg­u­la­tion on Mon­day as it begins fur­ther con­sul­ta­tion with the cryp­to industry.
  • One paper seeks indus­try input on devel­op­ing a licens­ing or cus­tody regime for dig­i­tal assets, as the Trea­sury con­sid­ers com­pelling cryp­to exchanges to hold Australian’s invest­ments onshore.
  • The reforms are expect­ed to be imple­ment­ed by the end of the year.
  • Australia’s Coun­cil of Finan­cial Reg­u­la­tors will also be tasked on Mon­day with review­ing the prac­tice of major banks “de-bank­ing” cryp­to businesses.
  • Aus­tralian Trea­sur­er Josh Fry­den­berg first announced these mea­sures in Decem­ber as part of broad­er reforms to the country’s pay­ment sec­tor, which he said were the most sig­nif­i­cant in 25 years.
  • Many of these reforms are based on rec­om­men­da­tions made in a Sen­ate report on Australia’s fin­tech indus­try hand­ed down late last year.

See relat­ed arti­cle: Cryp­to ‘fin­flu­encers’ are attract­ing a new fol­low­ing — of regulators

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