Tag: Cryptocurrency

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

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A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

Only 1% of Australians Commonly Use Cryptocurrency, Study Reveals

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A study released by the Reserve Bank of Australia has revealed that while most Australians are aware of cryptocurrencies, only a small number actually use them. “Although many respondents had heard of ‘cryptocurrencies’, very few had used a cryptocurrency such as Bitcoin to actually make a consumer payment over the…

Judge Allows Cryptocurrency as Collateral in Defamation Case

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In a recent defamation case before the New South Wales district court, the judge allowed cryptocurrency to be used as collateral. While Judge Judith Gibson acknowledged the volatility of crypto, she noted that it is a recognised form of investment. The accusing party in the defamation case was required by…

ATO Part of Global Crackdown on Cryptocurrency Abuse and Other Tax Crimes

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The Australian Tax Office (ATO) are currently investigating several tax avoidance schemes in an effort to more effectively regulate economic activity in the modern era. The schemes were detected though the global sharing of resources dedicated to preventing cryptocurrency abuse, which forms part of the Joint Chiefs of Global Tax Enforcement’s (J5)…

ATO to Use Data Matching to Crack Down on Cryptocurrency Tax Avoiders

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The Australian Taxation Office (ATO) recently issued a warning, stating that they are beginning a new data-matching programme that will compare data collected from designated service providers (DSPs) with tax records. The central aim, according to the government, is to ensure that crypto-investors are paying the right amount of tax.