Cryptocurrency Analysis and News Portal
“Being able to wrap tokens is a valuable and necessary cross-chain interoperability tool,” said Michael Bacina, Digital Assets lawyer at Piper Alderman Lawyers. “To have a purely technological function triggering a tax event and tax payable is not something users would expect when using crypto-assets.” Source
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Australian authorities will oblige local companies to be fully transparent and report any ransomware cyberattacks on their businesses. The country’s economy lost $2.59 billion to cybercrimes in 2021. As reported by the Australian on Nov. 13, the national cybersecurity strategy, which will be revealed this week, will feature a mandatory system
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The Australian Federal Police (AFP) has accused Changjiang Currency Exchange of a money laundering scheme. In a press release, the AFP said the operation, codenamed Ironside, resulted from a three-year investigation into the activities of the currency exchange business. Changjiang Currency Exchange operated from multiple locations across Sydney and Melbourne. The company
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Kraken Australia’s Director Jonathon Miller does not support the proposed rules, stating that the paper was trying to fit crypto into existing financial services regulations. The Australian Treasury has unveiled a consultation paper that details plans to regulate crypto exchanges in the country. The new regulatory framework – released on October
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Australian crypto exchanges have praised plans from the Australian Treasury to regulate cryptocurrency exchanges under pre-existing financial services licensing measures.In an Oct. 16 consultation paper, the Treasury outlined a new suite of proposed regulations, that suggested regulating cryptocurrency exchanges under existing financial services rules as well as introducing a wealth
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The Australian federal government is charging forward with plans to regulate the digital asset sector at the exchange level, and may soon require cryptocurrency exchanges to hold a financial services license issued by the local financial regulator.In the newly-unveiled “Regulating digital asset platforms” consultation paper, released on Oct. 16, the
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Blockchain company Fireblocks, which is backed by Sequoia Capital, has acquired Melbourne-based decentralized finance (defi) startup BlockFold for a reported $10 million. This acquisition will allow Fireblocks to expand its services beyond custody services. Neither Fireblocks nor BlockFold has made any public statements regarding the deal. BlockFold, founded in 2022, provides smart contract
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Jatinder Singh will attend a plea hearing on Oct. 23 at the County Court of Victoria in Australia for failing to report that he received AUSD 10.47 million (roughly $6.7 million) from Crypto.com in 2021. Singh used the money –sent to him because of an accounting error – to buy
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The couple purchased 4 real estate properties and also sent 4 million AUD to Malaysian bank. Melbourne-based couple who accidentally got $10.5 million shall be facing a plea trial in October amid theft charges for spending all the funds that were mistakenly sent by Crypto.com. In May 2021, Thevamanogari Manivel initiated a
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The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings against Bit Trade, the provider of the Kraken crypto exchange in Australia, for failing to comply with design and distribution obligations for one of its trading products. According to a Sept. 21 media release from ASIC, the Australian financial regulator
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