What does the future of crypto in Australia look like?
Stats show around one-in-six (17 per cent) Australians own cryptocurrency, and the figure is rising year-on-year as investments like Bitcoin and Ethereum grow in popularity.
But, with Bitcoin prices currently in an upswing, what does the future hold for cryptocurrency in Australia?
Do Australians want to invest in crypto?
Research from YouGov found around 4 million Aussies are likely to purchase digital currencies in the next 12 months, which is largely being led by millennial and Gen Z investors.
Interestingly, of the 4 million Aussies who were keen to jump on the crypto bandwagon, around two-thirds of them believed crypto was a good alternative to an investment property.
And, given the barrier to entry to the housing market is so high at the moment, this checks out.
Will regulations around cryptocurrency tighten?
While investments are on the rise, regulators have been slow to implement guidelines for organisations and investors in the crypto industry to follow.
Currently, Australia’s anti-money laundering regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), requires all crypto exchanges in the country to register with them.
Furthermore, the Australian Taxation Office (ATO) has said that crypto gains are subject to similar tax policies as shares, and need to be reported to the tax office. For example, crypto investors will be subject to capital gains tax. But, it’s still a nascent area of tax law, so Aussie investors aren’t always entirely clear on what their obligations are.
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