Australian Tax Office To Impose Tax On Cryptocurrency

The Australian Tax Office (ATO) is establishing a task force that will seek to ensure cryptocurrency investors are paying the correct amount of tax
10 January 2018   1981

The Australian Tax Office (ATO) is establishing a task force to monitor cryptocurrency transactions, according to a report in The Australian Financial Review.

The taskforce will seek to ensure cryptocurrency investors are paying the correct amount of tax. It is stated that a team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.

We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies. We will discuss common queries and scenarios, practical issues and the tax implications for current and anticipated future developments in relation to cryptocurrencies.

 

Spokesman

The Australian Tax Office

The first meeting of the ATO and various industry experts is expected to take place next month.

Recently, we have reported that the Swiss government has announced the creation of a new group to strengthen its regulatory framework related to blockchain startups and ICOs.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   307

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.