Australian Government Begins Regulation of Cryptocurrency Exchanges

The Australian government is attempting to crack down on issues such as money laundering and terrorism financing through the introduction of a new Bill, which includes the regulation of cryptocurrency exchanges. Last month, the...

Australia – bitcoin to be subject to AML regime

In April 2016, the Attorney General's Department of the Australian Government issued a report on a review of the prevailing anti-money laundering and counter-terrorist financing regime (The Report). According to a recent quote from the...

Australia hopping closer to scrapping sales tax on bitcoin

The Australian government wants to end the ‘double taxation’ of digital currencies. Australia currently considers digital currency as an ‘asset’ and, therefore, payments in digital currency are considered barter leading to sales tax (where...

ASIC reaching out to counterpart in Singapore

According to NewsBTC "the Australian Securities and Investments Commission has reached out to the Monetary Authority of Singapore to make sure regulatory measures do not hinder the growth for Fintech and Bitcoin". This would be certainly...

ADCCA reacts to pending downfall of IGOT exchange

The owner of the IGOT bitcoin exchange confirmed that he was "struggling to pay customers". It is currently thought of that IGOT may be in financial difficulties with thousands of dollars owed to customers. Digital...

How will Australia Remove Sales Tax from Digital Currency?

There have been some questions about how Australia may remove sales tax from bitcoin and other digital currencies. DLA Piper have looked at a few scenarios ranging from considering digital currency a foreign currency which is...

FCA and ASIC Co-operation Agreement

UK Financial Conduct Authority and Australian Securities & Investment Commission have agreed a co-operation agreement. The purpose of the agreement is to improve sharing of information between the regulators and refer fintech businesses from their...

Australia to Remove Sales Tax on Digital Currency

Australian Government Report issued statement that it will reform law to remove sales tax on digital currency. See extract below: Digital currency — GST treatment The Government recognises that that the current treatment of digital currency...

Australian banks cleared of competition law violation

The Australian Competition and Consumer Commission deemed that there was no evidence that banks colluded before shutting down bank accounts of bitcoin companies. For the full story read article from Financial Review

Australian – Update

Australian government considering powers of Reserve Bank to regulate emerging payment systems.