Bitcoin Forum

the Australia government not only shutting down fake and illegal ICOs but also fighting for cryptocurrency taxes but they still find it difficult because Losers Will Want Tax Breaks, and Winners Will Keep Cryptos Off Their Books.

According to the news, a major breakthrough in Australian law regarding cryptocurrencies may be just around the corner.
 but I hope their new law will favor investors of crypto


read more from source https://blokt.com/news/australia-shuts-down-fake-and-illegal-icos

This is sweet tiding for the crypto community that the Australian Securities and Investments Commission (ASIC) has taken this bold step. Every other country should emulate this instead of banning cryptocurrency completely because they are bereft of what to do. For me, this is a plus for crypto lovers.

I fully support this step by Australian government, we need to get rid of scammers and fake icos, because the percentage of such icos was on the rise, to promote investor confidence this is a step in right direction.

It's a wonderful idea for law enforcement inside every country smart enough to accept cryptocurrencies and regulate them.

In fact, it should be implemented worldwide. Getting rid of scam ICOs will make the life is legitimate ones a lot easier and the funds gathering a lot easier also, which is obvious a win for both entrepreneurs and the consumers. Including of course the interesting image the government of a country will give when they really know what they're doing.

However, supporting tax evasion is not good at all and would in fact affect Cryptocurrencies negatively in the mid-long term. It's a lot better to treat it like any other currency inside the financial system and that way it will be obvious that it can enter and in fact solve problems that regular physical currency can't solve.

I think that many countries should follow the example of Australia. Fighting with cryptocurrencies is meaningless, but it makes sense to introduce laws that will protect people from scams in the field of cryptocurrencies.

This is an example of a good cryptocurrency regulations, and that is the purpose why we still need government in this market. I commend Australian government for this one and I hope more countries will make move to regulate ICO’s and to block those scams ICO so no one will become a victim of that.

I really like the position of Australia regarding crypto-currencies and ICO projects. This position is consistent and proactive, which makes Australian projects very attractive for large and small investors. In this case, you feel safe and you can pass KYS.

Yep, the government should just understand that right now they are not in a strong position to tax cryptocurrency, so they should make the tax extremely low so that people aren't inclined to avoid it. 5% tax would be reasonable so long as it's not from cryptocurrency paid employment.

Policies like this do seem to be detrimental to crypto currency lovers but the status will become clear and investors can feel calm.

yes i do agree with this, stopping and eliminating fake ico and illegal projects. this is a good idea and concepts if this will be push through. this will give security to every investors to invest to them. and also this will have a huge possibilities to prosper.

I agree that countries that host these illegal ICO be prosecuted and shutdown, they drained people's funds and cast a dark shadow in the cryptocurrency industry, we should all fight illegal ICO this is a bane in our midst.

Regulating ICOs is long overdue already. From the time scammer and fake ICOs invade the cryptocurrency world, countries should set up a regulation of their own. Hoping that it is not too late, investors are already moving away from ICOs.

Yes. We hope the new rules issued do not prohibit crypto. If I set a tax issue, I think it's a natural thing, and that can help the country's economy. Actually Cryptocurrency does not harm the state, even helps the country to improve the economy of the community. Besides that it also makes it easier for people to make transactions. But for non-crypto investment businesses, of course they do not like the presence of Crypto, because it will reduce the number of their investors.

It is necessary to get rid of swindlers, but whether you that believe when everything controls the state, there will be less deception? Besides you are ready to pay a tax on cryptocurrency? I am not ready to it definitely.

So many scam icos and that makes to government must try to take an action to prevent a lot of their potential investros to be scammed and his is not only in AU but remember USA has been doing it so many times and so many scammers from the scam icos have already arrested caused by that dude.

Other counties should copy and shut down scam ico government should be proactive to protect their citizens from scammers.

I think it's quite simple, every cryptocurrency user will issue a tax on the assets he has if the government has an important role to protect the investment of its people. The cryptocurrency industry does have a decentralized system but that doesn't mean that it does not need government hands. They can get a tax to help the country's economy, at least with the tax obtained can be reinvested for the welfare of its people and that is fair enough.

I really wonder what sort of tax they're going to impose on profits made from crypto investments.
I'm not opposed to a tax per say, as long as it's reasonable. They should also give tax breaks for long term investments IMO.

This article is very sparse on actual information. The links in the article just point to tags on their own website, not actual sources for any of the information presented
I'd really like to know which ICOs they've shut down and how they've done it.

I assume they're only going after ICOs that are based in Australia and are breaking Australian laws?

This is really good news, the menace of fake and illegal icos are becoming too much and it is only with moves like this that they can be stopped. if all of the governments were going after the fake icos like this then in no time we would no longer have to worry about investing in scam icos. I hope that they pass a law that benefits everyone in the end

This is what should be done, there are way too many scam icos now and people are losing a lot of money to them. This is the same reason why we need regulation in the market because if people have strict rules and guidelines to follow before they can put a coin in the market then they are less likely to try to make their own scam coins

Very bold move but how do they know if an ICO is scam or not? They may set up strict rules an ICO has to follow if they want to advertise in AU and get Australian investors but I think this only ends in ICOs forbidding participation if you are Australian.