News
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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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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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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Australian authorities busted a $123-million crypto fraud. The scheme used seemingly legit businesses for crypto money laundering.
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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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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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