The Australian Securities and Investment Commission (ASIC) is looking for special leave from the High Court to appeal a ruling in favor of Block Earner, boosting the status of virtual asset yield products. The ASIC is requesting the High Court to shed light on how interest-earning and asset conversion products
A judge in Australia decided that Bitcoin should be treated as money rather than a taxable asset, which may significantly change the nation’s cryptocurrency tax environment. The decision might result in capital gains tax (CGT) returns of over $640 million for Bitcoin transactions. The May 19 ruling resulted from a
Melbourne-based cryptocurrency exchange Cointree has been fined $75,120 by Australia’s financial intelligence agency, AUSTRAC, for failing to submit suspicious matter reports (SMRs) on time. This fine comes amid a broader crackdown by regulators aiming to reinforce anti-money laundering compliance within the growing digital asset sector. According to AUSTRAC, the fine
Block Earner, an Australia-based FinTech company, has secured a victory as the Federal Court of Australia reversed a decision that the platform needs an Australian financial services license (AFSL) to offer its crypto-linked “Earner” product. The Australian Securities and Investment Commission announced on April 22 that the recent judgment reversed
Coinbase urged Australian voters to prioritize crypto reforms in the upcoming federal election set for May 3, 2025. John O’Loghlen, Coinbase’s APAC Managing Director, expressed concern over Australia’s unclear crypto regulations. Despite high crypto adoption, Australia lacks a defined policy environment, which drives talent and funds to more welcoming markets.
Australia is about to overhaul its crypto regulations, which requires exchanges and stablecoin issuers to now obtain a financial services license. This is an initiative to tackle the debanking crisis affecting digital asset firms. The proposed framework aligns with global regulatory trends, in a move to enhance consumer protection, market
AUSTRAC, Australia’s anti-money laundering regulator, moved against 13 cryptocurrency companies under its overall operation of cracking down on non-adherence to money laundering laws. Over 50 more companies continue to be watched. The probe, which commenced more than a year ago, aims to confirm that cryptocurrency exchanges and digital currency providers
ASIC filed a lawsuit in the Federal Court complaining that Binance is not focusing on its consumers’ protection. Based on the latest media release from its organization, more than 500 retail clients were misclassified and treated as wholesale clients. In the middle of a booming crypto market, Binance facing a
The Australian Federal Court has imposed an AUD 8 million ($5.1 million) fine on Bit Trade, the Australian operator of cryptocurrency exchange Kraken, for violating financial regulations. Justice John Nicholas ruled on Dec. 12 that Bit Trade breached design and distribution obligations and unlawfully operated as a credit facility without
Grant Colthup, the former CEO of Mine Digital, faces serious fraud charges for allegedly stealing $1.5 million from a customer. This transaction occurred just two months before the firm collapsed in September 2022. The Australian Securities and Investments Commission (ASIC) announced the charges on October 21, detailing a transaction that
