Kataryna Habeliia August 28, 2020
Table of Contents [hide]
- 1 BitXmi is Now Available for Legal Crypto Trading in Australia
- 1.1 Status of cryptocurrencies in Australia
- 1.2 Regulatory authorities
- 1.3 BitXmi is fully regulated by AUSTRAC and ASIC for Crypto Trading in Australia
BitXmi is Now Available for Legal Crypto Trading in Australia
Dear traders, we are in a hurry to share with you the latest news about the activities of our exchange. Our crypto exchange has always positioned itself as a reliable and legal platform for making money. Once again, we prove to you that we work honestly and openly. The main Australian financial regulators have approved the legal activities of our crypto exchange in the country.
Now we are fully regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Also, we have a Certificate of Registration by the Australian Securities and Investments Commission (ASIC).
Read the details in our article.
Status of cryptocurrencies in Australia
Cryptocurrencies and cryptocurrency exchanges are legal in Australia. The country has always had a progressive desire to regulate cryptocurrency regulations. In 2017, the Australian government stated that cryptocurrencies are legal and that bitcoin (and cryptocurrencies that share its characteristics) should be treated as property and subject to Capital Gains Tax (CGT). Cryptocurrencies have previously been subject to controversial double taxation under the Goods and Services Tax (GST). The change in tax regime demonstrates the progressive approach of the Australian government to the problems of cryptocurrencies.
AUSTRAC is responsible for preventing, detecting, and responding to criminal abuse of the financial system to protect the community from serious and organized crime. In 2018, AUSTRAC announced the introduction of more robust cryptocurrency exchange rules. The new cryptographic rules require exchanges operating in Australia to register with AUSTRAC, identify and verify users, maintain records, and comply with the government’s AML / CFT reporting obligations. In the future, unregistered exchanges will be subject to criminal prosecution and financial sanctions.
BitXmi is fully regulated by AUSTRAC and ASIC for Crypto Trading in Australia
Apart from cryptocurrency exchanges, ICOs are also under scrutiny. The Australian Securities and Investments Commission (ASIC) guidance advises that the natural structure of tokens (security or utility) will determine their legal regime in accordance with general consumer law and “Corporate Law”.
Australia is one of those countries that has appreciated the benefits of using digital assets. More than 80% of Australians have heard of cryptocurrencies, but only 1% have used them in the past year to make purchases, according to a report by the Reserve Bank of Australia.
The country’s government is interested in blockchain technology, as it plans to implement a project to use the technology on a national scale. This is confirmed by various charitable initiatives, for example, to fight fires, where donations are collected in cryptocurrency.
We’ll be adding Australian dollars soon to buy any cryptocurrency.
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