Australia Tightens Regulations on Cryptocurrencies
The Australian Tax Office (ATO) has clarified its stance on decentralized finance, intending to impose capital gains tax on virtually any standard user activity.
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The Australian Tax Office (ATO) has clarified its stance on
decentralized finance, intending to impose capital gains tax on
virtually any standard user activity.
This includes transfers to uncontrolled wallets or those storing funds,
liquidity pools, protocol profits, and more. Additionally, ATO plans to
tax tokenized assets during their packaging or deployment, regardless of
their value.
Some
cryptocurrency advocates have already expressed concerns that such
initiatives violate the principle of technological neutrality and harm
the financial position of young investors, both in the short and long
term.
Details on Australia's cryptocurrency regulation rules can be found in our article.
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