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Cryptocurrencies are accepted differently in every country in the world. Some consider it a progressive financial instrument, some are still afraid of fraudulent transactions with cryptocurrency. Let’s take a look at what is happening in one of the most remote countries in the world with swap exchange crypto – Australia.
AUSTRAC and the Australian Financial Research Agency adopted cryptocurrency regulations in April 2018. AUSTRAC is an Australian anti-money laundering and financial intelligence agency. AML / CTF (Anti Money Laundering and Terrorist Financing) regulatory issues also apply to companies working with Bitcoins and other cryptocurrencies.
Various taxes apply to digital tokens in Australia (capital gains tax, goods and services tax, transaction tax and income tax). There are no explicit restrictions for investment managers and cryptocurrency owners. However, investors must comply with Australia’s financial services regulations regarding the storage and sale of cryptocurrencies. The Australian government is also showing interest in the use of robo-advisers. In this technology, financial advice is provided to users automatically without human intervention.
Australia has not limited cryptocurrency mining. However, there are some taxes levied on miners. Miners registered with the tax service will have to pay tax on goods and services.
An attitude of the Australians to cryptocurrency
A survey by financial broker Savvy on Australians’ attitudes towards cryptocurrency showed that 17.3% already own some kind of cryptocurrency, and 36% intend to buy cryptocurrency at some point in the future. 71% of those surveyed said they either understand or want to learn more about cryptocurrency.
Almost 80% of respondents agree that cryptocurrency should be strictly regulated. They are also confident that crypto will live a parallel life with traditional fiat currency.
Overall, Australia is moving in the right direction in terms of cryptocurrency regulation. Even the public in the country accepts legislation that protects both investors and consumers. It means that the Australian government has already managed to balance innovation and adoption of blockchain technology reasonably enough, and is interested to develop it in the future.