New cryptocurrency legislation will be coming to Australia shortly. Contrary to what most may expect, the new rules will offer more reasons for getting involved in Bitcoin and altcoin. Through amicable regulations, Australia may become the global leader in the digital economy.
Australia Prepares To Embrace Crypto Further
- New regulatory measures regarding cryptocurrency and digital assets are coming to Australia.
- Senate committee members made 12 proposals to adjust current licensing requirements and crypto regulation, including taxation guidelines.
- The main objective is to regulate to increase legitimacy without stifling innovation.
- Currently, cryptocurrencies are assets and subject to capital gains tax and ATO reporting if held for over a year or subject to financial gain.
- One of the amendments may offer a 10% tax redemption to miners using renewable energy.
- Another change seeks to recognize DAOs (decentralized autonomous organizations), as the lack of inclusion in existing company structures prevent establishing large-scale projects.
- Through these changes, Australia can become a leader in the digital assets space.
- However, another plan is to explore a CBDC option, bringing a central bank digital currency to the island nation.
- As one in six Australians own cryptocurrency – primarily Bitcoin – more regulatory clarification will benefit millions of people.
- Accommodating regulations can pave the way for similar legal changes in other countries globally.
- There are several ways to spend Bitcoin in Australia today, including at various physical locations!
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