From www.acuitymag.com: Jason Titman, CEO of Swyftx, maintains that traditional accounting frameworks like IFRS and GAAP are inadequate for the complexities of cryptocurrency, requiring chartered accountants to adapt their skills for financial reporting and management in this volatile market.… read more
From piperalderman.com.au: The Government recently responded to the Board of Taxation’s comprehensive review of crypto-assets taxation, endorsing a status quo approach that rests on existing tax principles and discourages new, bespoke regulations at this time.… read more
From www.smsfadviser.com: The Board of Taxation has voted to treat cryptocurrency as trading stock for self-managed superannuation funds SMSFs, resulting in a loss of the CGT discount if the recommendations are accepted.… read more
From piperalderman.com.au: Piper Alderman submitted a response to ASIC’s Consultation Paper 381, focusing on updates to guidance regarding digital assets and financial services laws.
The submission argues for specific legislation suited to the unique characteristics of digital assets, such as stablecoins and wrapped tokens, while also addressing regulatory uncertainties in the crypto market.… read more
From sladen.com.au: The Board of Taxation recommends against carving out cryptocurrency from the trading stock exemption for SMSFs in its report on the taxation of digital assets.… read more
From cryptonews.com.au: Matthew Fraser shares his journey from being nearly $1 million in debt as an Uber driver to becoming a Bitcoin millionaire through compounding investments in Bitcoin and entrepreneurial ventures.… read more
From ministers.treasury.gov.au: The Albanese Government has released a Statement on Developing an Innovative Australian Digital Asset Industry, outlining four key pillars to foster a more dynamic digital asset sector while ensuring consumer protection.… read more
From treasury.gov.au: Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones have released the government’s response to the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia.… read more
From www.crn.com.au: The ATO has issued a tender for a blockchain analysis tool aimed at enhancing its capabilities in detecting cryptocurrency-related tax evasion and financial crimes.… read more
From piperalderman.com.au: Australia’s government is shifting towards a more streamlined regulatory framework for cryptocurrency, which includes requirements for exchanges to obtain Australian Financial Services Licenses and regulation of stablecoins as stored-value facilities.… read more
From ministers.treasury.gov.au: The Albanese Government has announced a plan to develop a digital asset regime in Australia, aiming to enhance innovation while ensuring consumer protection.… read more
From piperalderman.com.au: The US Commodity Futures Trading Commission has introduced a new initiative to expedite resolutions for minor compliance violations that do not cause customer harm, allowing self-reporting participants to propose settlements.… read more
From www.techguide.com.au: Cryptocurrency investing through a Self-Managed Superannuation Fund has attracted significant attention in recent months, as Australian regulators sharpen their focus on digital assets in retirement portfolios.… read more
From piperalderman.com.au: President Donald Trump has announced the creation of a “Crypto Strategic Reserve,” including five cryptocurrencies, to position the U.S. as a leader in the crypto space, though clarity on enforcement measures and congressional approval remains pending.… read more
From www.blakeoliver.com: (Podcast) Discussion of the proposed “Strategic Bitcoin Reserve,” which would have the US Treasury buy 1 million Bitcoin over five years.
Aspects include the high-risk nature of Bitcoin as a speculative asset, the potential for the US to unknowingly transact with adversaries, and legislative pushes in 13 states to invest public funds in cryptocurrency.… read more