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[AudraMiller]

There are many countries and governments that are now trying to benefit from the cryptocurrency hype and the best way for them to do this is to implement tax on profits. In a recent article, Australia is appealing all of its citizens to ensure that they report their profits obtained with in the crypto market, estimating that over 600 thousand Australian people are invested into the crypto market. This is a start to make people know that the profit they get from crypto is not exempt from taxes.

 

[BusyCat]

Australian laws are hard usually and it is evident from this article. But it's also necessary to keep up with the regular check with Bitcoin investors to avoid fraud or illegal activities.

 

[silentwatch]

I wonder how they recognice which citizen who invest in crypto market? Is it from bank transaction or credit card transaction?
Well, this one is bad news for investor. Goverment always want a slice in every bread of citizen has get.. Really bad news..

 

[AudraMiller]

I wonder how they recognice which citizen who invest in crypto market? Is it from bank transaction or credit card transaction?
Well, this one is bad news for investor. Goverment always want a slice in every bread of citizen has get.. Really bad news..

Perhaps that the easiest way for them to see who is involved in crypto is with past transaction to see who is buying it and perhaps if their exchange sites require a kyc verification procedure as well.

 

[microunit]

I think reporting their profits from cryptocurrencies is also part of regulating it and also taxing cryptocurrencies which is kinda good in a way

 

[BullyMaguire]

They will then tax em. Well it could be a help they just need to protect those who uses Cryptocurrency anti fraud and scams if they're going to take a cut in their money

 

[microunit]

Yep , with this if the taxing goes well cryptocurrencies trading may one day be recognized as a proper job by the governments which will be good for the traders

 

[Razor1911]

Yep , with this if the taxing goes well cryptocurrencies trading may one day be recognized as a proper job by the governments which will be good for the traders

So Australia is getting strict with its citizens, that's mainly because the people have too much investment in Bitcoin, Hence if they have made good profit then they should provide information for tax purposes.

 

[microunit]

So Australia is getting strict with its citizens, that's mainly because the people have too much investment in Bitcoin, Hence if they have made good profit then they should provide information for tax purposes.

Well probably they didn't think about taxes with cryptocurrencies as most of them probably think that there are no definite law yet about taxing cryptocurrencies

 

[Razor1911]

Well probably they didn't think about taxes with cryptocurrencies as most of them probably think that there are no definite law yet about taxing cryptocurrencies

Yeah. At least they will need firstly to take this under their tax laws. Then only they will be able to legalize it fully. Taxing is important in order to integrate it with their main economy.

 

[Wisdom01]

I think the government are finding means of gaining more revenue , so they are introducing this medium ,I think there was a time America wanted to do same thing too ,but I hope this doesn't affect crypto users

 

[Razor1911]

I think the government are finding means of gaining more revenue , so they are introducing this medium ,I think there was a time America wanted to do same thing too ,but I hope this doesn't affect crypto users

I don't think it is anyhow going to affact crypto users as of now. But later when people will disclose their crypto holdings, then if the govt bans then they will have to surrender the amount of share of crypto.

 

[Wisdom01]

I don't think it is anyhow going to affact crypto users as of now. But later when people will disclose their crypto holdings, then if the govt bans then they will have to surrender the amount of share of crypto.

That's the effect I am talking about and again the introduction of people disclosing their holding might make the government introduce taxation , and might scare away some crypto investors in the country

 

[microunit]

That's the effect I am talking about and again the introduction of people disclosing their holding might make the government introduce taxation , and might scare away some crypto investors in the country

Well one way or another the government would have to tax cryptocurrencies to introduce it to the economy and recognize crypto as an asset

 

[Wisdom01]

Well one way or another the government would have to tax cryptocurrencies to introduce it to the economy and recognize crypto as an asset

They surely would have to because they need to make more revenue , so they would start considering it , in my country the government are also even planning on regulating too and I know it's for tax

 

[microunit]

They surely would have to because they need to make more revenue , so they would start considering it , in my country the government are also even planning on regulating too and I know it's for tax

I don't think a government would want to make more revenue, unless the government is corrupted or they have a lot of projects, in no way that their main reason of legalizing crypto is just to have more revenue

 

[Wisdom01]

I don't think a government would want to make more revenue, unless the government is corrupted or they have a lot of projects, in no way that their main reason of legalizing crypto is just to have more revenue

We all know that most government actually have a look at the gain they will have from an investment unit before making any move of adoption the use of it I think

 

[Razor1911]

That's the effect I am talking about and again the introduction of people disclosing their holding might make the government introduce taxation , and might scare away some crypto investors in the country

Yeah. But every one will need to follow the rules. I mean, when they will ban you, you can't have any holding, and even if you have you will not have any access to exchange it.

 

[Josemendez]

There are many countries and governments that are now trying to benefit from the cryptocurrency hype and the best way for them to do this is to implement tax on profits. In a recent article, Australia is appealing all of its citizens to ensure that they report their profits obtained with in the crypto market, estimating that over 600 thousand Australian people are invested into the crypto market. This is a start to make people know that the profit they get from crypto is not exempt from taxes.

This is weird and I doubt if there is a way investors will want to do that ,because such information will give the government information on the amount to collect as tax .

 

[SCAMEXPOSER]

It can easily be monitor because the government of Australia can compel all Exchange platforms and Crypto currencies related companies to publish their transactions.