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   883

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.

Thai Watchdog to Issue License to Zipmex

About 30 crypto-exchanges have already applied for licenses to the local Securities and Exchange Commission
20 January 2020   72

According to a press release distributed on January 20 with the Cointelegraph, the Thai Ministry of Finance and the Thai Securities and Exchange Commission (SEC) approved Zipmex for a license that imposes strict regulatory requirements on applicants.

In order to obtain a license, applicants must prove that they have reliable financial sources - with a share capital of at least 50 million baht (about 1.65 million dollars) - and that they work at a high level in their IT and cybersecurity systems.

Under Thai law, licensed digital asset operators that are licensed are classified as financial institutions and must fulfill reporting obligations in the area of ​​anti-money laundering.

According to a press release, about 30 crypto-exchanges have already applied for licenses to the Securities and Exchange Commission. Interestingly, the applications of the two exchanges have already been rejected on the basis of insufficient KYC.

The license was introduced as part of the country's regulatory framework for digital assets, which led to the launch of the first ICO in October 2019.

The operator has secured a partnership with the public company AEC Securities Public Company in Thailand, which specializes in securities, brokerage services and investment banking, in order to attract both retail and institutional investors in the country.

With a license, the Zipmex Exchange expects to begin operations in Thailand earlier this year, having previously launched platforms in Australia, Singapore and Indonesia.

Digital currencies and securities are emerging asset classes for both the banked and unbanked. It is an interesting time in our financial history, and I’m glad Thai regulators are working with exchanges to build regulatory frameworks for these new technologies to operate within.

 

Dr. Sathit Limpongpan

Zipmex CEO

Despite the fact that the authorities initially tried to ban Bitcoin in 2013, the Thai government has taken a more active and pragmatic approach to the cryptography sector over the past year.

As reported, last January, the Thai Securities and Exchange Commission issued licenses to 4 cryptocurrency firms: Bitcoin Exchange Co., Bitkub Online Co. and Satang Corporation, as well as TH digital currency brokerage and dealer company.

These events were followed by an amendment to the country's law on securities and exchanges, adopted in February 2019, which legalized the issue of token securities using blockchain technology.