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Australia now taxes crypto as property, with capital gains on swaps, DeFi and wrapped tokens, plus new ATO data sweeps targeting 1.2 million users.
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Australia News
The Commonwealth of Australia is the sixth largest country in the world and is the only one that occupies a whole continent. It also includes several islands. The state has a strong economy and its GDP per capita is bigger than that of Great Britain, Germany, etc. The growing popularity of Bitcoin hasn’t gone unnoticed in the country. In Australia, cryptocurrency is almost a legal form of payment, as the government is making efforts to give Bitcoin the status of either a national or foreign currency. In July 2017, the government cancelled a double tax for transactions with Bitcoin in Australia to provide a better cryptocurrency environment. In Australia, cryptocurrency exchange is possible with plenty of ATMs and online platforms.
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Amazon is investing over $13 billion in expanding AI and cloud infrastructure in Australia, including new solar farms and data centers nationwide.
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Australia’s financial regulator alleges Glenda Maree Rogan told clients they were investing in a high-yield fixed-interest account but sent their funds to a crypto exchange listed as a scam.
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A multi-agency investigation traced illicit funds to a suspected $123 million crypto laundering operation hiding behind a security company.
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Australian Federal Police say scam losses via crypto ATMs surpassed 3.1 million Australian dollars ($2 million) in a 12-month period, which “may be just the tip of the iceberg.”
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Australia’s markets regulator has started legal proceedings against the former director of Blockchain Global, Allan Guo, over his dealings with the collapsed ACX Exchange.
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Australian Senator Gerard Rennick criticized Bitcoin, saying, "You can't eat Bitcoin." A Bitcoiner replied, asking if he feels the same about the internet.
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A Block Earner spokesperson told Cointelegraph that ASIC's case against the firm has escalated to a “broader legal question” around the definition of a financial product.
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A judge’s ruling in a criminal case may pave the way for $640 million in tax refunds, challenging the Australian Tax Office’s long-held stance on crypto taxation.
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The Australian Federal Police said it seized nearly 25 Bitcoin, a waterfront mansion and a Mercedes-Benz car it claimed could be tied to a 2013 crypto exchange hack.
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Authorities in New Zealand arrested 13 people in a $265 million crypto fraud probe, with one Wellington man indicted under US racketeering laws.
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Jason Titman, CEO of Swyftx, told Cointelegraph that Andrew Charlton has a deep understanding of blockchain, coupled with a genuine belief in its potential to support the Australian economy.
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The crypto industry has called on Australia’s reelected government to make good on its promises and prioritize crypto legislation early in its new term.
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No matter who wins Saturday's election in Australia, crypto legislation developed with the industry is set to finally happen this year.
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Australia’s financial intelligence agency AUSTRAC says it’s undertaking a blitz on dormant registered crypto exchanges to weed out scammers.
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