The Australian Tax Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer 2 bridges.
Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi
Australia’s tax authority has clarified that its capital gains tax on crypto products also extends to wrapped tokens or token interaction with decentralized (DeFi) lending protocols.
Australia to impose capital gains tax on wrapped cryptocurrency tokens
Delivering a major hit to Australian crypto investors, the ATO stated that wrapping or unwrapping tokens — irrespective of their price at the time — will be subject to capital gains tax.
Australian regulators will compel businesses to report cyberattacks: Report
This obligation won’t be backed by a fine if the company fails to comply, and businesses will still be permitted to pay ransoms, though this is discouraged.
Ripple Broadens Remittances Between Africa, Gulf States, UK and Australia
Ripple also announced product enhancements and license updates, including a focus on payments between enterprises and smaller businesses.
5 nations challenge crypto experts and investigators to target tax crimes
The J5 generates significant leads through events, which, in the past, has helped uncover multimillion-dollar crypto Ponzi schemes, such as the BitClub Network.
Australia open to idea of CBDC as future of money — RBA
The assistant governor of the Reserve Bank of Australia noted that pilot projects have highlighted several key areas where CBDCs could be of great use.
Australia Proposes New Licensing Regime for Crypto Exchanges, Aims for Draft Legislation by 2024
Australia expects to release a draft legislation which covers licensing and custody rules for crypto asset providers by 2024.
Mastercard announces successful wrapped CBDC trial results
The experiment demonstrated that CBDCs could be wrapped to purchase NFTs on blockchains such as Ethereum.
Bitcoin drives digital asset inflows for the first time in 6 weeks: Report
But Solana was the only other major asset to show inflows for the week.
Australian Man Who Spent $6.7M Erroneous Crypto.com Refund Faces Theft Charges, Guardian Reports
Jatinder Singh and his partner bought four houses, cars, artwork and other luxurious items with money they received due to an accounting error by Crypto.com, according to the Guardian.
How senators plan on regulating AI: Law Decoded, Sept. 4–11
Senators Richard Blumenthal and Josh Hawley’s framework emphasizes that technology companies cannot rely on liability protections to shield them from legal actions.
Rejection of crypto bill exposes Aussies to ‘unregulated market’ — Senator Bragg
Senator Andrew Bragg says rejecting his crypto bill will drive investment away from Australia but lawyers claim it’s part of a bigger regulatory picture.
Swyftx launches ‘Earn and Learn’ — paying Aussies to learn about crypto scams
Australian crypto exchange Swyftx said it had identified a rise in demand for crypto education during the bear market as the reason for its launch.
Australian lawmakers send back crypto bill by Andrew Bragg
Introduced in March 2023, Australia’s bill on digital asset market regulation has faced a series of report delays by the Senate, and it’s now been sent back for amendments.
Australia Senate Committee Rejects Crypto Bill From Opposition Senator Andrew Bragg
Bragg said the Labor government had put regulating crypto in the slow lane.
Breaking victim ‘trust’ in scammer is key to beat crypto scams, exchanges say
Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say.
Crypto may see second wind in the US as courts ‘rein in the SEC’ — Lawyer
Crypto-focused lawyer Jeremy McLaughlin said the U.S. digital asset industry may re-ignite as the country’s securities regulator racks up court losses.
Australia’s CBDC Likely Some Years Away, Central Bank Says
Australia will not be making any decision on a central bank digital currency (CBDC) for some years due to several unresolved issues.
eToro Sued by Australia’s Market Regulator for Leveraged Product
Social investing platform eToro’s Australia entity (eToro Aus Capital Limited) has been sued by Australia’s markets regulator.