I am against regulation for the most part but it does look like a lot of crypto related businesses are moving due to the bans.
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I am against regulation for the most part but it does look like a lot of crypto related businesses are moving due to the bans.
Posted Using LeoFinance Beta
In the words of Thanos it is "inevitable" all within reason though. I can't see regulations applying to Hive and there is no reason too.
It's predominantly on exchanges (from an Aussie side of things) making sure they dont steal your cash and that investors are protected from scams.
What you do with your digital assets after the purchase point is upto you and if you lose it, it's on you. That's how Aussies see it. Also if you do fall prey to a honey pot scam, providing evidence of it also writes off the tax for it. ATO isn't interested in punishing and providing punative measures to people. Just focusing on normal trade taxes that apply broadly.
The measure to include crypto income such as Hive and Defi to income statements is a great win.
There are some finer details re once selling it because this may cause a CGT event but I'm hearing it is only on an increase. So for Hive say it pays $1 you just add that dollar to income statement. If you sell at $1 you've already paid the tax on income so not a CGT event.
(Needs clarification and best to talk to a tax professional)
Unfortunately, I claimed all mine as CGT this year (I don't earn that much on the platform) but next time I'll know better.
I think at this point regulation at the exchange layer is inevitable. Especially since they don't want to lose possible customers and the banks could start closing transactions so fiat off ramp or in ramp could be stopped.
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