Australia’s financial regulator plans to require cryptocurrency firms to obtain financial services licenses under corporate law, extending beyond just crypto exchanges. ASIC commissioner Alan Kirkland emphasized that this move aims to enhance consumer confidence and market integrity, with an update to the Corporations Act expected by November. Meanwhile, Senator Andrew Bragg criticized the government’s slow progress in crypto regulation, claiming Australia has fallen from a leader to a laggard in the sector.
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0 posts last weekConfusion Surrounds Australian Tax Regulator’s Guidance on Capital Gains Tax for DeFi Transactions
Australia’s tax regulator, the ATO, has issued new guidance on capital gains tax (CGT) for decentralized finance (DeFi) transactions, but has failed to clarify whether certain activities, such as staking Ether or transferring funds via bridges to layer 2 networks, are subject to CGT. This lack of clarity has left DeFi users uncertain about how to comply with the tax rules. The ATO’s non-answer has created complexity and uncertainty for Australian crypto users, and experts argue that the ATO may not fully understand the nature of DeFi transactions.
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