Australia to Track Down Tax Evaders

Australian Tax Office (ATO) will seek out bitcoin investors with outstanding tax liabilities  
01 March 2018   880

According to a report, the Australian Tax Office (ATO) will seek out bitcoin investors with outstanding tax liabilities. Will Day, ATO deputy commissioner stated that transparency will be achieved due to forthcoming AML measures. It will grant the tax office increased probing powers next month.

The new policy will provide oversight of the crypto market and will include compulsory 100-point identification checks for crypto traders. At the moment, ATO does not consider bitcoin as a legal tender.

The new measures will extend the jurisdiction of the Australian Transaction and Reports Analysis Centre (AUSTRAC). The financial agency will be able to access cryptocurrency exchange records. Besides KYC and AML, the exchanges must report about suspicious transactions, as well as any cash transaction in excess of 10,000 Australian dollars.

According to a member of the National Tax Liaison Group and CPA Australia chief, Paul Drum, traders are curious whether bitcoin investments are exempt from capital gains tax personal asset rules.

Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

The Australian Tax Office

Paul Drum also stated that the effectiveness of the ­anonymity of Bitcoin and other cryptocurrencies is starting to fade. These coming changes mean that people shouldn't ­assume they can hide forever behind blockchain technology, nor should they ­assume there are no tax consequences.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.