News
South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year and issue a Korean won stablecoin once regulations allow.
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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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Crypto bosses say the government now needs to bring in clear rules, so regulators and banks can distinguish the good from the bad actors.
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Australian authorities busted a $123-million crypto fraud. The scheme used seemingly legit businesses for crypto money laundering.
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Australia's tax office reports self-managed retirement funds have 4% less crypto than last year, but one crypto executive says the number is likely "undercooked."
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Coinbase and OKX are moving into Australia’s pensions through SMSFs, while the United States revamps rules on how crypto fits into retirement plans.
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Webull has rolled out crypto services in Australia after re-launching its offering in the US this week and expects to expand into more regions in the coming months.
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As the adoption of digital assets grows rapidly, there has been a significant increase in the amount of funds lost to scams and hacks.
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AUSTRAC has ordered Binance Australia to appoint an external auditor after identifying serious shortcomings in the exchange’s Anti-Money Laundering controls.
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ASIC Deputy Chair Sarah Court said the regulator has beefed up its scam enforcement to include monitoring social media ads.
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Australia’s Federal Court ruled Finder’s Earn product is not a financial instrument, defeating ASIC’s appeal in a major win for the country’s fintech sector.
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Tasmanian police said they found victims were being directed to crypto ATMs by scammers after regular financial institutions flagged the transactions.
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The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.
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New Zealand banned crypto ATMs and set a $5,000 cap on overseas cash transfers in a major step to combat money laundering and financial crime.
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One of the victims identified in the police operation said she carried around $13,000 in cash at one point to send Bitcoin to scammers via crypto ATMs.
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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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