In the world of virtual assets, the legislative sphere can often be complicated and ever-changing. For crypto financiers looking to expand their functions, apprehending local legislations is paramount. This region, with its strong monetary sector and business-friendly environment, has become a promising place for tokenized ventures, suggesting a strategic hub for commercials searching for a…
With the expanding popularity of e-cryptocurrencies, this direction has become one of the prime locations for establishing fund vehicles. Digital holdings are maturing into a crucial part of both conventional and specialised portfolios. In 2021, one-third of conventional fund vehicles ventured in digital holdings, and two-thirds planned to amplify their ventures in 2022. Notably, this…
This type of licence is increasingly relevant as this region becomes a hub for e-currency operations. To obtain VASP licence in Argentina is essential for operating legally within Argentina’s growing crypto market, offering multiple benefits from regulatory support to potential tax incentives. Advantages of VASP Licence Demands for receiving this type of licence The submission…
The Swiss Financial Market Supervisory Authority (FINMA) is the cornerstone of economic regulation in Switzerland, a country known globally for its robust economic services sector. As an independent establishment, FINMA plays a critical role in maintaining the integrity, stability, and reputation of Switzerland’s economic markets. This article delves into the history, structure, functions, and significance…
An established and fully operational group specializing in the forex brokerage industry is now available for acquisition. This group includes multiple entities with financial licenses, a comprehensive online presence, and a complete infrastructure supporting marketing, sales, and customer service. The structure offers investors a turnkey solution with an extensive global reach. Key Details of Forex…
The Ready-Made company with AISP License holds an EU AISP (Account Information Service Provider) license issued by the Danish Financial Supervisory Authority, enabling it to provide account information services across the EU. EU Passporting: The license allows for passporting to all EU member states, providing extensive opportunities for expansion across Europe. Bank Account: The Company…
Overview EMI License in Georgia This company, licensed by the National Bank of Georgia since 2015, is a well-established provider in Georgia’s financial services market, known for a broad range of innovative payment solutions and extensive reach across the country. Key Services E-Money Issuing: Reliable electronic money issuance services. Multi-Currency E-Wallet & Account: Efficient fund…
Key Details of this Lithuanian VASP: Licensed VASP: Established in 2021 with full authorization from FNTT. Banking Setup: Active PSP account with a Lithuanian EMI for smooth operations, and a local bank account for tax and salary payments. Financial Stability: No loans or debts, in good standing, compliant with AML/KYC regulations. Legal and Operational Support:…
Zurich
+41 435 50 73 23Kyiv
+38 094 712 03 54London
+44 203 868 34 37Tallinn
+372 880 41 85Vilnius
+370 52 11 14 32New York
+1 (888) 647 05 40What is the legal regulation of cryptocurrency transactions in Australia? In fact, Australia is a developed state that could create conditions for the development of financial companies and technology centers.
The state for a short period of time became the owner of the most progressive approaches in the financial industry.
The Australian government is implementing the use of Blockchain technology in all spheres of public administration: mail, ground transportation, etc.
State programs promote the development of commercial projects and programs that focus on working with digital money and the latest decentralized technologies.
Digital money in Australia is not considered a financial product, therefore do not need licensing. The legislator adopted the Code of Conduct for players in the digital currency industry, which was developed by the Association of Digital Currencies and Commerce of Australia.
The Code regulates the relationship of participants in the cryptocurrency business in the country, but its implementation is mandatory only for participants of the above-mentioned Association.
Recently, the state is actively combating the laundering of illicit proceeds. Countering the financing of terrorism is the main direction of political development.
It should be noted that operations with the cryptocurrency are taxed on general grounds. When the transaction is completed, you must pay income tax and income tax.
A feature of the Australian tax system is the double taxation on operations with digital currency. The tax is levied both for the exchange of fiat funds and for the purchase of goods received by cryptocurrency.
The main legislative act regulating operations with the cryptocurrency in the territory of Australia is the Code of Conduct for players in the digital currency industry, which became effective from December 2016.
In accordance with the requirements of the Code, all members of the Association of Electronic Currencies and Commerce of Australia are obliged:
If the violations of the requirements of the Code are revealed, the Association is authorized to impose fines.
In 2014, cryptocurrency entrepreneurs received a report from the Australian Tax Service, which indicated that income and profits received from dealing with digital currencies should be paid income tax.
In this case, a significant problem of double taxation arose. The participant of the transaction for the first time pays the tax for the exchange of fiat money for digital, and the second – for the purchase of goods / services. If the amount of the cryptocurrency is more than ten thousand Australian dollars, then the user is exempt from double tax payment.
The government intends in the near future to abolish double taxation of operations with the cryptocurrency. In the near future, digital money will completely replace the fiat. Already today, with mutual consent, the employer can pay wages in the crypto currency. The legislation of Australia does not stand still, adjusting the regulatory framework to the parameters of the modern world.
To correctly implement the procedure for the settlement of cryptocurrency transactions in Australia, contact Eternity Law International. Our company will provide the best conditions for the legalization of the procedure, simply call us.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.