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   389

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.

Barclays to Freeze Crypto Trading Project

This is reported by two anonymous sources to Financial News London
15 October 2018   100

One of the largest UK bank Barclays has suspended work on its own crypto-trading project, Financial News reports citing two sources familiar with the situation.

Earlier this year, the bank gathered a high profile team to explore opportunities for cryptocurrency trading as part of its own business. However, according to one source, the initiative was “frozen”.

The former head of Barclays for energy trading, Chris Tyrer, who headed the “digital assets project,” left the bank in September after management decided to freeze the initiative.

Together with Tyrer, the macro-strategy in the field of foreign exchange and emerging markets was Marvin Barth, Senior Technical Specialist Lee Brain, and Consultant Matthew Jobb Duval.

Their task was to determine whether cryptocurrencies are an asset class with far-reaching prospects, whether Barclays customers are interested in them and what type of IT infrastructure will be needed to work with them, the source said.