The Australian Taxation Office couldn’t clarify if liquid staking and transferring funds through layer 2 bridges incurred capital gains tax under its new DeFi rules released earlier in November.
Frustration over slow progress on locally listed bitcoin and ethereum ETFs has not blunted enthusiasm for regulated exposures to wild cryptocurrency markets.
Coinbase spotlights Australiaâs blockchain brain drain
Save
Share
Regulatory uncertainty about digital assets in Australia is forcing crypto entrepreneurs to depart for jurisdictions â such as Britain, Germany and Singapore â with more supportive policies on technologies that power bitcoin and other cryptocurrencies.
As Coinbaseâs blockbuster US listing draws global investor attention to bitcoin and the decentralised blockchain technology that facilitates it, crypto investors and advisers in Australia are warning of a blockchain brain drain and urging the government to plug it.
The Senate select committee on fintech is preparing to create a digital asset plan for Australia to tackle regulatory haziness and the lack of guidance from the Australian Securities and Investments Commission and Australian Taxation Office on how digital assets will be treated.