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Crypto may be taxed in Australia, preparations to amend payment laws

The crypto segment is not banned in Australia. People can hold and trade cryptocurrencies.
Efforts are being made in many countries to regulate the crypto segment. In this episode, the government in Australia has planned to tax crypto. Laws related to payment systems in Australia are to be amended and the government wants to ensure the safety of crypto investors. Rules can be made on the licensing and custody of crypto assets in Australia.

The Australian Treasury recommends that crypto exchanges store the assets of Australian investors within the country. Australia’s Board of Taxation (BoT) has been asked to submit a detailed report in this regard by the end of the year. news australia report It has been said in the report that the authorities have been directed to keep the tax burden on crypto investors as low as possible. Australia’s finance services minister, Jane Hume, wants to make sure all crypto firms follow the rules. “The government cannot and should not guarantee your crypto assets, but we can ensure that Australian exchanges, custodians and brokers operate within a regulatory framework that is sound and secure,” he said.

Industry players have also been asked to submit proposals for upcoming legal changes. Unlike China, the crypto segment is not banned in Australia. People can hold and trade cryptocurrencies. Apart from this, crypto mining is also allowed. However, crypto assets cannot be used as a payment option. A recent report by Finder stated that Australia ranks third in the world in terms of trading in cryptocurrencies. Bitcoin is the most popular cryptocurrency  in Australia .

Research firm Statista says the main reason people invest in cryptocurrencies in Australia is to diversify their portfolios. Recently, laws related to crypto were approved in Dubai. In the US also, work is being done on making laws for the crypto segment. US President Joe Biden has signed an executive order regarding this. It also asked the Federal Reserve to explore the possibility of launching a digital currency.

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