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Australia could get better cryptocurrency regulation to drive innovation in digital assets – CryptoMode

By on October 24, 2021 0

New cryptocurrency legislation will arrive soon in Australia. Contrary to what most might expect, the new rules will offer more reasons to get involved in Bitcoin and altcoin. Thanks to out-of-court regulations, Australia could become the world leader in the digital economy.

Australia gears up to embrace crypto more

  • New regulatory measures regarding cryptocurrency and digital assets are coming to Australia.
  • Members of the Senate committee made 12 proposals to adjust current licensing requirements and crypto regulations, including tax 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 declaration if held for more than a year or subject to financial gain.
  • One of the amendments may offer a 10% tax reduction to miners using renewable energy.
  • Another change aims to recognize DAOs (Decentralized Autonomous Organizations), as the lack of inclusion in existing business structures prevents the implementation of large-scale projects.
  • With these changes, Australia can become a leader in digital assets.
  • 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 – mostly Bitcoin – more regulatory clarification will benefit millions of people.
  • Accommodating regulations can pave the way for similar legal changes in other countries around the world.
  • There are many ways to spend Bitcoin in Australia today, including in various physical locations!

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JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a wide range of different topics.

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