The Australian senate committee made 12 proposals to modify the current license and regulations over crypto assets, as well as the laws of taxation. The lawmakers believe Australia could take the lead in the digital economy if the laws were amicable.

The Senate Committee on Australia as a Technology and Financial Center (ATFC) states that the current regulations need to be adapted. As it was stated by the chairman: “The market is asking for regulation, and we are responding while trying to avoid trampling on innovation.”

Last year, Australian tax agents aimed to contact “as many as 350,000 individuals who have traded in cryptocurrency in the last few years.” To make a warning over meeting their tax obligations, as it was reported in News.com.au 

 Related Reading | Why Australia Has Issued A Warning On Crypto Profits To Investors

The Australian law currently considers cryptocurrencies as an asset, therefore its investors are bound to pay a capital gains tax and report to the ATO if the digital asset is held for more than a year or makes any financial gain.

Back then, news.com.au interviewed H & R Block’s director of tax communications Mark Chapman, who told them that many cryptocurrencies investors “have dabbled in this thing and not realized the tax implications”.

This notice stirred crypto investors and The Select Committee recommends accommodations that bring clarity. For instance, giving an incentive of a 10% of tax discount to the miners who use renewable energy.

As the global digital asset market is projected to grow to $6 billion by 2025, the senators believe that “Given the scale of Australia’s existing industry for custody of traditional assets, there is significant scope for Australia to benefit from becoming a leader in the digital assets space.”

Australia Wants To Attract Crypto Businesses

The committee asked for the recognition of decentralized autonomous organizations (DAOs), establishing a new regulatory structure. The senators’ report reads:

“DAOs do not clearly fall within any of Australia’s existing company structures. […] This regulatory uncertainty is preventing the establishment of projects of significant scale in Australia.”

Financial Review quoted the CEO of Blockchain Australia who said that “The recommendation that Australia looks to recognize DAO’s structures is a very strong signal to the world that we are ready to lead this conversation.”

Using the blockchains technology would diminish the need for intermediaries and could turn Australia into a prominent space for blockchain businesses.

The senators also asked Treasury to evaluate the possibilities for a CBDC. This idea has not been well received by the Reserve Bank of Australia before, but opinions might change as many countries are adopting their own and Australia aims to take the lead in the digital currency space.

 Related Reading | 110 Countries Are Exploring CBDC At Some Stage, Says IMF Managing Director

A survey from last September shows that 1 in every 6 Australians owns cryptocurrency and Bitcoin “remains the most popular one”.

As the tendency of Australians is to diversify their portfolio and the interest keeps growing, the proposed clarity in regulations and taxation will be beneficial for the growth of their crypto industry. Applying the measures should not wait for long to protect the customer’s and investors’ interests.

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Source: https://bitcoinist.com/a-crypto-friendly-future-for-autralia-senators-propose-new-regulations/?utm_source=rss&utm_medium=rss&utm_campaign=a-crypto-friendly-future-for-autralia-senators-propose-new-regulations

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Source: https://coingape.com/indicators-bitcoin-price-truly-slump-multiple-times-coming-months/

MEXC Global was crowned the best cryptocurrency exchange platform in Asia at the Crypto Expo Dubai 2021. MEXC dedicates this accolade to all its loyal customers and supporters, without whom an audience for it would be non-existent.

Some of the prominent players in the blockchain industry graced the rare event, including 50 crypto-based companies, and over 60 CEOs and founders from more than 30 countries. The event hosted more than 3,000 traders, with MEXC as a gold partner.

The expo aimed to bring together investors and industry leaders to network and share ideas on how to transition the global economy into a new crypto era. Major companies in the Asian digital asset sector have a chance to exhibit their diverse products and services in addition to sharing their insights about the crypto industry.

Among the presenters of the Dubai crypto conference, was MEXC. The exchange’s team showcased the company’s cluster of crypto-focused services, in addition to explaining how it plans to penetrate the global population. Representatives also utilized the interacting experience to obtain transformational ideas from some of the leading experts in the digital asset industry. This information will be applied duly when upgrading MEXC’s marketing strategy.

Even more, the representatives physically interacted with executives from many other crypto companies and jointly defined ways to further engage more members of the crypto community.

Notably, the award lays out MEXC’s successful globalization strategy and its market adaptable ambitions. The Singapore-based exchange currently boasts over $500 million in trading volume. It also has a growing user base in more than 200 countries, including Japan, India, Turkey, Indonesia, South Korea, Brazil, and Africa among many others.

Launched in 2018, the centralized crypto exchange has made efforts to improve coverage of its diverse crypto trading opportunities among investors globally. The company has also forged partnerships with some of the most revolutionary blockchain platforms and crypto on-ramp projects to intensify crypto products.

More recently, the global exchange collaborated with the market-leading blockchains Solana, Avalanche, and Polygon. These promising platforms benefit from MEXC’s eco funding and technical support that encourages mainstream adoption of blockchain technology and the crypto industry.

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Source: https://zycrypto.com/mexc-wins-title-of-best-exchange-in-asia-at-the-crypto-expo-dubai-conference/