Australia unveils their ambitious vision for the future of cryptocurrency: Law decoded

Australia has implemented a comprehensive structure for the taxation of all cryptocurrencies. In this article we will discuss this in more depth as well as focus on how this will effect current traders.

Australia has been a pioneer for the financial services industry when it comes to crypto, offering an expansive scope of regulations that cover everything from algorithmic stable-coins and nonfungible tokens to initial coin offerings. This is most certainly great news for those involved in the sector as there are no plans set out by regulation to ban algorithmic stable-coin use or implement excessive requirements on data sharing from digital asset operators.

The Australian consultation paper on “token mapping” is a pivotal part of the government’s multi-stage reform plan to oversee the market. This “functional” and technology-neutral method puts forth several essential definitions for all crypto items. It divides four distinct types of crypto services into categories: Crypto asset services, intermediated crypto assets, network tokens and smart contracts – making it easier to delineate between various forms of cryptocurrency products.

In an unprecedented tandem, the treasuries of both the United Kingdom and Australia recently released their prospective plans to govern cryptocurrencies within a few days of each other; with two separate consultation papers that were 80 pages long for Britain and 60 pages for Australia. This one-two punch is rarely seen in such perfect synchronisation!

If you are looking for an easy and user-friendly tax calculator to help with your cryptocurrency taxes in Australia, look no further than Crypto Tax Calculator Australia. With three different plans available to suit your needs, you can be sure that your taxes will be taken care of quickly and easily. So why not try out our free trial today? You have nothing to lose!