Crypto Catch: Australia government hints at favourable crypto tax treatment

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Crypto Catch: Australia government hints at favourable crypto tax treatment

Crypto news, Australia crypto regulation
Image source: © Inkdropcreative1 | Megapixl.com

Highlights:

  • State senator Andrew Bragg told a conference held by Blockchain Australia that it was important that Australia not miss its chance to become a blockchain hub.
  • Bitcoin kept its position overnight holding at US$41,000. Meanwhile Ethereum gained 1.33% to reach just below US$2,900.
  • Altcoin Biswap, is in the midst of a monumental rally after receiving surprise support from popular crypto exchange Binance.

The federal government of Australia has indicated that it might offer favourable tax treatment for cryptocurrency businesses as it moves to set regulatory measures for the sector.

State senator Andrew Bragg told a conference held by Blockchain Australia that it was important that the country do not miss its chance to become a blockchain hub.

Bragg said four key policies should happen by the end of the year. These include setting up an inquiry into the taxing of crypto assets; an examination into the practice of de-banking; consultation on the licensing of crypto exchanges; and finally, a consultation on the custody regime covering custodial or deposit services.

Bragg added that Australia should create a very simple, clear and clean Digital Services Act as opposed to reforming the already-complex Corporations Act.

Market News

Bitcoin kept its position overnight holding at US$41,000.

Meanwhile Ethereum gained 1.33% to reach just below US$2,900.

Altcoin News

Little known altcoin, Biswap, is in the midst of a monumental rally after receiving surprise support from popular crypto exchange Binance.

Biswap is a decentralised exchange that uses an automated market maker system to fulfil orders.

In the past 24 hours, the 283rd ranked token has rocketed 137% to around US$0.84.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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