BITPRISMIA
Australia proposes tighter AML/CTF rules targeting crypto exchanges, legal services and real estate to combat financial crime.
Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.
Crypto service providers who fail to take “reasonable care” to comply with the requirements could be fined between 20,000 and 100,000 New Zealand dollars ($12,000 and $62,000).
The Chamber proposes adding a field to the form for brokers to indicate if a digital asset has a different tax rate, such as NFTs taxed as collectibles, to prevent errors and ensure accurate reporting.
Over 40 countries have agreed to implement the crypto reporting framework developed by the Organisation for Economic Co-operation and Development (OECD) as mandated by the G20. The widespread, consistent, and timely implementation of this crypto reporting framework “will further improve our ability ...