In Australia, the cryptocurrencies are legal and it is recognized as property. While in the case of crypto exchanges, it is legal and it must be registered with AUSTRAC. Since, both the cryptocurrencies and crypto exchanges are considered as legal in Australia, they country is in the progression of implementation of the regulations for cryptocurrency. During the declaration of cryptocurrency as legal in 2017, the Australian government specifically announced that Bitcoin and the coins with those characteristics will also be considered as property and it will be bound to Capital Gains Tax (CGT). The Australian Transaction Reports and Analysis Centre in 2018 passed a requirement to the Australian operating exchanges to register, users’ verification and identification, maintain documentation and abide with government reporting obligations of AML/CFT. And it also said that criminal charges and financial penalties will be imposed on unregistered exchanges. For cryptocurrency trading and initial coin offerings updated regulatory requirements were proposed by the Australian Securities and Investments Commission in 2019. Later, the anonymous privacy coins were forced to delist from many exchanges by the Australian regulators in 2020.
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B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court
Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.More About Us