Future Crypto News | Latest Country Updates for Crypto Currency

Australia

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General adoption

In Australia, investors, banks, and governments are slowly warming to the idea of cryptocurrency. The Australian Taxation Office has reported an increase in trading with more than 600,000 taxpayers now reporting crypto-asset investments. Furthermore, on February 2020, the Australian government has published a roadmap to the adoption of Cryptocurrency.

Government View

Australian law does not currently equate digital currency with fiat currency and does not treat cryptocurrency as “money”. The governor of the Reserve Bank of Australia (RBA), Australia’s central bank, has confirmed the RBA has no immediate plans to issue digital dollar akin to money. While the government has not significantly intervened in cryptocurrencies and related activities, it still has passed an anti-laundering and counter-terrorism act in 2017.

Blockchain Projects

The Australian government is doling out 5.6 million of Australian dollars (AUD) in grants for two blockchain-based pilot projects to study the capability of blockchain technologies in supply chain systems.

Taxes and Regulation

The taxation of cryptocurrency in Australia has been an area of much debate. There were some recent attempts by the Australian Taxation Office (ATO) to clarify the operation of the tax law. Cryptocurrency falls under assets that are held or traded (rather than as money or a foreign currency).

Trading Methods

Trading

If you’re in Australia and want to purchase crypto directly with AUD (and don’t want to pay unnecessary and often hidden, conversion fees), make sure you sign up with a local exchange that offers this service. Asking an exchange via their live chat can be a helpful way of finding this out while testing the quality and authenticity of their customer support, which can be very important if you’re just getting started. Take your time, do your research, read customer reviews and look for an exchange that is upfront about who they are and the fees they charge.

Privacy

Firms that buy and sell cryptocurrencies will have to be licensed to bring safety and security to users, the treasurer said. The government will also work out a licensing plan for crypto exchanges next year.

Last Updated

Tuesday, 1 November, 2022