Cryptocurrency an ‘enabler of risks’, says ATO

The Australian Taxation Office has started collecting data from cryptocurrency service providers as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Service providers are required to give the ATO…

JP Morgan launches cryptocurrency

US bank JP Morgan has announced plans to issue its own cryptocurrency to be used in its wholesale payments business. To be called JPM Coin, the cryptocurrency will be issued to customers who deposit money with the bank. It will…

ICO market collapse triggers M&A

The market for initial coin offerings was close to collapse at the end of last year, as investor support for cryptocurrencies and other digital assets declined sharply. DigitalX, a local company that advises on ICOs and security token offerings, reports…

Crypto bill payment market gathers momentum

The cryptocurrency payments market in Australia is starting to offer a wide range of consumer options, with a payment platform provider securing a securities licence that will allow it to expand its operations. Cryptocurrency payment platform Paid By Coins announced…

ATO updates crypto tax guidance

People who convert cryptocurrency to Australian dollars or other money may be liable to pay capital gains tax, according to new tax guidance issued in July. The Australian Taxation Office updated the information on its website dealing with tax and…

Digital currencies finish the year on a low

After trending sideways for most the year in a range between $8000 and $10,000, the price of Bitcoin dropped sharply in November and looks like ending the year around the $5,000 mark. Most of the other major cryptocurrencies have followed…

Crypto exchange launches tax calculator

KPMG and the cryptocurrency exchange operator Independent Reserve have launched an online tool to help digital currency traders and investors get a better understanding of their tax position. Crypto Tax Estimator was developed by KPMG. Available on Independent Reserve’s platform,…

300,000 Australians trade digital currencies

Australian digital currency exchanges have more than 300,000 customers, with more than 232,000 of registering in 2017, according to new research. A report prepared for the Australian Digital Commerce Association by Accenture, Industry of the New, says that in February…

Cryptocurrency service disputes growing

There was a big increase in complaints about cryptocurrency service providers in 2017/18, according to the Financial Ombudsman Service, with the most common issues failure to follow instructions, poor disclosure and inappropriate advice. The FOS annual review says cryptocurrency disputes…

Crypto sector joins forces to launch a compliant ICO platform

A group of fintechs and investment companies involved in the cryptocurrency and initial coin offering markets have joined forces to develop an ICO issuance platform. The new business, FutureICO, has been established by ICO advisory group Digital X. The other…