Australian Authorites to Launch Public Crypto Debates

Special page is opened on the website of local watchdog where everyone can leave their comments and suggestions
27 March 2018   515

The Australian Tax Office (ATO) has initiated a public debate, aimed at "understanding the practical aspects associated with tax obligations in relation to the cryptocurrency." This is reported by CoinDesk.

As stated in the message of ATO, a special page is opened on the website of the department where everyone can leave their comments and suggestions. 

In particular, we are interested in any practical issues that may impact on taxpayers' abilities to calculate and substantial any capital gains and losses for (cryptocurrency) capital gains tax (CGT) purposes.

Australian Tax Office

The updated recommendations also note that income received as a result of the exchange of one crypto currency for another is subject to taxation. Taxpayers should provide information about such transactions, including their purpose and value in Australian dollars, time and details of the parties involved.

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.