Cryptocurrency traders are obligated to declare their crypto profits, warns Australian Tax Office
According to ATO (Australian Taxation Office), crypto traders based in Australia are obligated to declare their profits that came from crypto trading. Such warnings have been issued numerous times already, however, ATO seems to believe that the trend of not reporting crypto-based profits remains.
To combat the issue, Australian crypto exchanges were asked to verify their users’ identity, as well as to report any transactions that might be considered “suspicious” for any reason. While ATO made sure to stress that this demand is linked to AML and anti-terrorism finance laws, many in the crypto community believe that the government simply discovered that there is a profit to be made in crypto, and they want their cut.
Russians will be allowed to invest in ICO, with the upper annual limit being at $9,000
The lawmakers of Russia have announced another bill that will contribute to their attempt to regulate the crypto industry. The bill will focus on crowdfunding campaigns, which will be limited to $9,000 (around 600,000 Russian rubles) per individual in a single year. The bill is called “On attracting investments using investment platforms”, and it will directly impact Initial Coin Offerings (ICOs) in Russia.
The bill comes as one of three pieces of legislation that aim to regulate the crypto space. While these pieces originally appeared earlier, and have had their first reading back in May, this draft did not contain any such limit at the time.
While some in the crypto community argue that this will limit ordinary citizen’s access to ICOs, the authorities claim that this has to be done in order to improve investors’ safety.
US banks speak out against Robinhood’s new ‘checking and savings’ accounts
Last week, a well-known trading platform Robinhood decided to launch a 3% interest ‘checking and savings’ accounts. Due to some key differentials in the insurance deal and the difference in rates compared to what traditional banks are offering, US bankers have decided to speak out.
At first, the accounts look like regular savings accounts. However, not only do they offer higher returns but are also protected by the SIPC (Securities Investor Protection Corporation), as opposed to FDIC (Federal Deposit Insurance Corporation) which protects regular banks.
Bankers have already raised concerns about Robinhood’s use of terms such as banking, saving, or checking, even going as far as to call it “deceptive”.
A new app by a fintech firm lets crypto investors trade at zero fees
According to new reports, a fintech firm called Quantifury will give crypto traders the opportunity to trade across any market with fiat funds at zero fees. Furthermore, they will also allow the use of cryptocurrencies as collateral. The company has stated that it aims to make the markets fair and transparent, and also to allow crypto owners the opportunity to use their assets.
Quantifury decided to make this move due to the opacity that was seen in numerous financial institutions. They currently offer access to over 750 large- and mid-cap stocks listed on European and United States exchanges, as well as 8 crypto pairings, 14 fiat pairings, as well as a number of commodities. The app is already released and can be downloaded at any time.
BitMEX CEO sees Bitcoin as the asset class arriving in the next decade
According to BitMEX’s co-founder and CEO, Arthur Hayes, Bitcoin might become a new asset class over the course of the following decade. While he admits that Bitcoin is “still an experiment”, and that remains to be seen whether or not it can endure in the long run, he leaves the possibility of it becoming an actual asset class.
Hayes also commented that the future of trading will likely replace conventional hours with a more favorable 24/7 approach, as seen with crypto. While optimistic about the future, Hayes has predicted that the current crypto winter might last for as long as 18 months.