Crypto Australian Government Issues Guidelines For Crypto Asset Holders

[Good-Guy]

When the cryptocurrencies were launched, many people never knew about it, but it look like new and new countries are now adopting the Bitcoin and many other kinds of cryptocurrencies. In the past, many countries were banning the cryptocurrencies. However, now many countries believe that crypto-related assets can be legalized if they are regulated. recently, the Australian government has also taken certain measures and issued a set of new guidelines. According to the guidelines formed by the Australian government, crypto asset holders and crypto-related product holders might need a proper licence to deal in the digital assets. They have also introduced a new segment in the tax application for the crypto asset holders. This might cause difficulties for Australian crypto holders, but it will benefit the Australian government a lot.

 

[Suba]

Not only Australia, now many countries have applied crypto taxes to crypto holders, even the Australian Taxation Office has sent notifications via email and newspapers to crypto investors. Investors must report earnings from crypto both from investments (capital gains) and from trading profits. The main problem is with retail investors (small investors). who get a source of profit not only from trading profits and capital gains but from site rewards, such as forums, surveys etc. And I think the government should be wiser in choosing the source of crypto tax revenue, to whom it should be charged. Also the government must determine the minimum non-taxable income.