Legalization of Bitcoin in Australia

[Marto4ka]

  The experience of Australia shows that the process of legalization and determination of the status of crippling goods is more beneficial for the state.
  The process of legalizing the bitcoin's status moves around the world. States one after another give the most famous cripple the legal definition, so as not to miss its chance to profit. Australia succeeded in achieving this. But not immediately. Since the Australians have blurred the benefits of cryptology and began to earn on the above operations or actively use them for private purposes - the state has been alarming. How is this - the budget avoids such precious tax revenues ?! It was at a time when the Australian Tax Office said aloud that the proceeds from bitcoin operations were to be deposited and paid in the accounting documents, while the cryptic currency in Australia was first officially recognized.

Some facts and history

  In fact, the active process of entering the cryptography on the Australian market began in December 2013, when the chief regulator - Reserve Bank of Australia - recognized it legal.
  At the same time, Australia initially treated bitcoin as a commodity, and transactions with it - as a barter, and from them the tax on goods and services (VAT) was charged. Thus, the tax on cryptographic currency from Australians was charged twice - for the first time at the time of purchase, a cripple, and the second time - when using it as a means of payment. Such a mechanism has been criticized many times and in March 2016 the Australian government has promised to resolve this problem.
  However, only July 1, 2017, the Reserve Bank of Australia began to consider the bitcoin "as money," and introduced a bill designed to solve the problem of "double taxation" for cybercurrencies.

LEGALIZATION

  Now, for Australian supporters of crippling, it should become the fact that henceforth, all revenues from operations with bitcoins need to be included in tax declarations.
  The Australian tax authority has announced that it will begin to tax bitcoin transactions already this year. Moreover, online currency will be taxed since its inception, which means that Australians may have theoretically been in debt to the fiscal service since 2009.
  The legalization of the cryptographic market also involves the creation of a so-called Digital Exchange Registry, which will be monitored by the AUSTRAC, the Australian Financial Intelligence Agency. For entry into force, the bill must also approve the two chambers of the Australian Parliament.

Yes or no

  However, at the stage of elaboration, the bill caused considerable criticism among users, as it is considered a violation of privacy and access to personal data. The operators of automatic machines, which can be used to pay bitcoins, which in Australia are no more than 20, are afraid that the initiative will lead to the termination of their divisions as they will not be able to provide the special bodies with the requested identification information.
  That is why today the issue of assigning bitcoin the status of legal currency is already formally discussed in the Australian Parliament. At the same time, they support him as representatives of the ruling party and the opposition.
  So, at the beginning of the year, the Australian government has allocated 350 thousand dollars. to develop blockade standards, and the Australian Securities and Investment Commission began to work with startups involved in developments in the technology of cryptology.

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

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[jseverson]

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

[hase0278]

It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities.

It's not only the problem they have with bitcoin. Governments also doesn't like it's decentralization which they cannot fully control(which is the case for most countries). Although that is the case, I think those governments who are starting to legalize it(cryptocurrency in general) has the intent to study blockchain tech itself(Australia included) to use it in other fields as well and to not be left behind by others.

[jseverson]

It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities.

It's not only the problem they have with bitcoin. Governments also doesn't like it's decentralization which they cannot fully control(which is the case for most countries). Although that is the case, I think those governments who are starting to legalize it(cryptocurrency in general) has the intent to study blockchain tech itself(Australia included) to use it in other fields as well and to not be left behind by others.

I would argue that they have enough control though. Look at how China has crippled it. They didn't even need an outright ban. There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

I would also argue that they don't need to legalize crypto to study blockchain technology itself. Crypto is just one of many applications. If anything, they probably want to study crypto itself.

[bizarro]

This is cool news, many countries can go along with this experience and soon we will face a world, that fully accept bitcoin and alts

[Leyss]

The experience of legalization of the crypto currency in Australia shows that this process will be very long and decisions by each state will be taken different and sometimes even contradictory. However, all states need to go this way. Of course, citizens will eventually lose some of their confidentiality, and will also have to pay a tax that will also be charged differently in different states. However, without such a stage, the crypto currency will not be able to develop further.

[Marto4ka]

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

It is also important to know that, after recognizing bitcoin as a means of payment, the Australians, in addition to the tax, have faced another regulation - the introduction of criminals into anti-money laundering and terrorism legislation.

Introduced by the Australian Justice Minister Michael Kinan, the initiative pays special attention to sanctions for illegal operations with bitcoins. It provides for punishment not only for providers who operate without licenses, but for their clients - for the use of obtained from unlicensed crypto sources (as a result of operations with an unregistered digital exchange rate provider). For the above-mentioned violations, it is proposed to be imprisoned from 2 to 7 years and fines of 100 to 400 thousand dollars, depending on the severity of the violation and the previously received warnings from the regulatory authorities.

[chickenfried12]

If Australia is really working on a lake since 2013, I have come to accept now that the Crypto world has made cash dispensation points or points of sale training given to the universities that have made them into forward sighted achievements and exemplify other countries.

[Elkafi]

Australia have more tourist a very years in their country, many people all of the world always visited Australia as their destination to vacation on holiday or they want to take loss their time to visit Australia. By accepted bitcoin to legalization as the payment system, it will make tourist will be easy to visit Australia. Their government have take great this moment to legalization of bitcoin as the payment transaction in their country to get many tourist every years.

yes, it is a good news. many countries should follow it. bitcoin is the future, they must allow bitcoin.

[BitHodler]

There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

China thinks in terms of their mass. If they can prevent around 90% of the people from getting any type of involvement in crypto, that for them is the best possible outcome, and that's the only thing that matters.

The small percentage of people that can't be put to a stop would have done their thing anyway, and thus it's more like a form of collateral damage. It's a simple but yet effective measure to get what you want as government.

Also, if the other 10% is still involved in crypto transactions and whatnot, the government can be sure about it that most of this capital will remain in the country itself, which is another added benefit.

[GideonGono]

As far as I know bitcoin on australia is legal though they are accepting bitcoin and serve as a payment on the airport because , one of the well known country is australia and it's a tourist destination though , so it's more beneficial if they legal bitcoin.

[BrewMaster]

There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

China thinks in terms of their mass. If they can prevent around 90% of the people from getting any type of involvement in crypto, that for them is the best possible outcome, and that's the only thing that matters.

The small percentage of people that can't be put to a stop would have done their thing anyway, and thus it's more like a form of collateral damage. It's a simple but yet effective measure to get what you want as government.

Also, if the other 10% is still involved in crypto transactions and whatnot, the government can be sure about it that most of this capital will remain in the country itself, which is another added benefit.

but i think there is a big problem here. they acted too late!
if for example the country acted before the adoption took place then they could prevent it. but now that years of adoption has happened and there is a large number of their people involved in investing in cryptocurrencies, they can't prevent all of them from investing in it.
it is like they have tasted the potential and the profit of this market and it is not easy now to make them give it up.

[Averim]

This is a good news but i dont understand what is the problem with personal data, everything digital, you have to give your data for certain services and if someone want to harm you there is a Facebook example so, i think it is not a question of personal info, as long as they see only some numbers.

[clickerz]

This is a good news but i dont understand what is the problem with personal data, everything digital, you have to give your data for certain services and if someone want to harm you there is a Facebook example so, i think it is not a question of personal info, as long as they see only some numbers.

Well seems acceptance and adaptability of bitcoin is inevitable and countries and doing their best to incorporate cryptos to receive a chunks of it in their economy. This is an emerging technology and an emerging market, where in the pioneer can truly benefit from it.

[hualangktsld841]

This is the best news that we saw today. We knew last year that HSR had announced a partnership with the Australian government. Australia has a group of open minded government officials. The legalization of cryptography will contribute more to Australia's economy and will be willing to use encrypted young people to Australia. Tai La travel, study abroad and start a company.

[mostcrack]

There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

China thinks in terms of their mass. If they can prevent around 90% of the people from getting any type of involvement in crypto, that for them is the best possible outcome, and that's the only thing that matters.

The small percentage of people that can't be put to a stop would have done their thing anyway, and thus it's more like a form of collateral damage. It's a simple but yet effective measure to get what you want as government.

Also, if the other 10% is still involved in crypto transactions and whatnot, the government can be sure about it that most of this capital will remain in the country itself, which is another added benefit.

but i think there is a big problem here. they acted too late!
if for example the country acted before the adoption took place then they could prevent it. but now that years of adoption has happened and there is a large number of their people involved in investing in cryptocurrencies, they can't prevent all of them from investing in it.
it is like they have tasted the potential and the profit of this market and it is not easy now to make them give it up.

Of course this is not the time to prevent what they consider to be the main job of the last few years and it may be very bad if the government continues to do such silly things, people will not be able to easily erase what they have and I think so too. it is true their mistakes are slow in making decisions and now can not regulate thoroughly, and now not all countries can do it and will be far from their expectations.

[nur rochid]

There's no way to control it completely, but most people will stop using it if under the threat of penalties. I simply don't think control is that big a problem at this point.

China thinks in terms of their mass. If they can prevent around 90% of the people from getting any type of involvement in crypto, that for them is the best possible outcome, and that's the only thing that matters.

The small percentage of people that can't be put to a stop would have done their thing anyway, and thus it's more like a form of collateral damage. It's a simple but yet effective measure to get what you want as government.

Also, if the other 10% is still involved in crypto transactions and whatnot, the government can be sure about it that most of this capital will remain in the country itself, which is another added benefit.

but i think there is a big problem here. they acted too late!
if for example the country acted before the adoption took place then they could prevent it. but now that years of adoption has happened and there is a large number of their people involved in investing in cryptocurrencies, they can't prevent all of them from investing in it.
it is like they have tasted the potential and the profit of this market and it is not easy now to make them give it up.

Of course this is not the time to prevent what they consider to be the main job of the last few years and it may be very bad if the government continues to do such silly things, people will not be able to easily erase what they have and I think so too. it is true their mistakes are slow in making decisions and now can not regulate thoroughly, and now not all countries can do it and will be far from their expectations.

i think Australian government is aware that technological development is inevitable, so it's better to legalize it and control people in running bitcoin. i think this is right step from australia, hopefully my country follow it

[ivrynx]

This seems to be a good think, wherein governments try to control bitcoin, it only shows that bitcoin has intrinsic value, thus governments mined them before, and now regulating them. I hope that australia is not just copying USA and other european countries in the regulation, since there might be confusion in all parties, if these countries had regulated bitcoin and for the sake of fheir government and not the people to be protected, I think a fault done in australia will tried to be ruled out by US, sayaing that they have a regulation in bitcoin and all should follow, however for legalizations, bitcoin was never illegal in australia since they have no laws pertaining to digital currencies, I think the correct way of daying it, is they finally recognized bitcoin as currency.

[dcif80]

be legalize is good signal
even the price will be a little bit down after that the market will be mature
and I guess that every one expect the crypto market will be legalize and pay the tax
so it is good for us

[gamalzour]

  The experience of Australia shows that the process of legalization and determination of the status of crippling goods is more beneficial for the state.
  The process of legalizing the bitcoin's status moves around the world. States one after another give the most famous cripple the legal definition, so as not to miss its chance to profit. Australia succeeded in achieving this. But not immediately. Since the Australians have blurred the benefits of cryptology and began to earn on the above operations or actively use them for private purposes - the state has been alarming. How is this - the budget avoids such precious tax revenues ?! It was at a time when the Australian Tax Office said aloud that the proceeds from bitcoin operations were to be deposited and paid in the accounting documents, while the cryptic currency in Australia was first officially recognized.

Some facts and history

  In fact, the active process of entering the cryptography on the Australian market began in December 2013, when the chief regulator - Reserve Bank of Australia - recognized it legal.
  At the same time, Australia initially treated bitcoin as a commodity, and transactions with it - as a barter, and from them the tax on goods and services (VAT) was charged. Thus, the tax on cryptographic currency from Australians was charged twice - for the first time at the time of purchase, a cripple, and the second time - when using it as a means of payment. Such a mechanism has been criticized many times and in March 2016 the Australian government has promised to resolve this problem.
  However, only July 1, 2017, the Reserve Bank of Australia began to consider the bitcoin "as money," and introduced a bill designed to solve the problem of "double taxation" for cybercurrencies.

LEGALIZATION

  Now, for Australian supporters of crippling, it should become the fact that henceforth, all revenues from operations with bitcoins need to be included in tax declarations.
  The Australian tax authority has announced that it will begin to tax bitcoin transactions already this year. Moreover, online currency will be taxed since its inception, which means that Australians may have theoretically been in debt to the fiscal service since 2009.
  The legalization of the cryptographic market also involves the creation of a so-called Digital Exchange Registry, which will be monitored by the AUSTRAC, the Australian Financial Intelligence Agency. For entry into force, the bill must also approve the two chambers of the Australian Parliament.

Yes or no

  However, at the stage of elaboration, the bill caused considerable criticism among users, as it is considered a violation of privacy and access to personal data. The operators of automatic machines, which can be used to pay bitcoins, which in Australia are no more than 20, are afraid that the initiative will lead to the termination of their divisions as they will not be able to provide the special bodies with the requested identification information.
  That is why today the issue of assigning bitcoin the status of legal currency is already formally discussed in the Australian Parliament. At the same time, they support him as representatives of the ruling party and the opposition.
  So, at the beginning of the year, the Australian government has allocated 350 thousand dollars. to develop blockade standards, and the Australian Securities and Investment Commission began to work with startups involved in developments in the technology of cryptology.

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

Gradually all the countries are accepting bitcoin because they realize the importance of bitcoin and they came to know that bitcoin is the currency of the future and the world will use only bitcoin for their payments. Vietnam, south Africa, Russia, japan china and now Australia, there will be more countries but I do not remember the names who accept bitcoin as their legal currency.

[BTCappu]

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

It is good news for the users and investors of bitcoin. The Australia has decided to trade in bitcoin because they know that their people will overcome their financial problems with bitcoin. So they allow bitcoin. The world is turning towards cryptocurrency because they know the importance of cryptocurrency and that the future will be of these crypto.

[BertoloyBTC]

These are the things that the lawmakers are trying to endorse the legalization of bitcoin in Australia , their reason is simply leaping to another technology which is the blockchain in order to improve more their banking and financial stability with the introduction of bitcoin and cryptocurrency in the country, because they think bitcoin can help a lot for the economy.

[gambitcoin53]

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

same as dollars and other fiats, where a govt is also gaining profit thru foreign exchanges, it is empowering a state's reserves and monetary value versus other foreign currencies, it has big revenue which the govt are benefiting on cryptos, dominance and control are also one of the many benefits of legalizing cryptos, some countries even create their own cryptocurrency. because of the many uses of such.  

[8count]

However, Australia's experience shows that the process of legalizing and defining the status of cryptography is far more beneficial to the state than to the users, since for the first it creates additional control and profit opportunities, and for other participants only imposes additional restrictions.

That really just about sums it up perfectly. It seemed to me like the only problem they have with Bitcoin in the first place, is that it could easily be used for criminal activities. This is clearly not the case though, with blockchain analysis and whatnot, and some governments are starting to realize it. It's a low risk additional source of revenue. For as long as legalization is done right, it's a fair compromise in my opinion.

same as dollars and other fiats, where a govt is also gaining profit thru foreign exchanges, it is empowering a state's reserves and monetary value versus other foreign currencies, it has big revenue which the govt are benefiting on cryptos, dominance and control are also one of the many benefits of legalizing cryptos, some countries even create their own cryptocurrency. because of the many uses of such.  

I live in Australia and it's all about being able to control it and being able to tax it. Our government just wants their slice of the pie. It is a good move in that they're looking to advance technology for the future. They have been making a lot of steps in this industry.
But when it comes down to it they are seeing the $$ and that's is why Australians have to pay capital gains tax on profits.