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Crypto player diversifies funding as market, regulation changes
An Australian digital currency exchange is shaking up its funding streams, as cryptocurrency comes down from a popular but volatile run in the last two years.
Crypto player diversifies funding as market, regulation changes
An Australian digital currency exchange is shaking up its funding streams, as cryptocurrency comes down from a popular but volatile run in the last two years.
Bit Trade has opened its doors to investors through a crowdfunding campaign. The exchange, which has had a total of 50,000 registrations since its inception in 2013, hopes to achieve $3 million through this investment funding.
According to a study by Accenture, $5.9 billion in digital currencies was traded by Australian investors last year.
ASX figures collected over the same period corresponded with this, with 65 per cent of Australian investors found to use online trading platforms over the past 12 months.
The appeal of cryptocurrencies seems to connect with younger generation investors most, with 71 per cent of digital currency traders in Australia under the age of 40 and the overall proportion of Australian investors between 18 to 24 increasing by 10 per cent over the past five years, largely attributed to the alternative asset class, according to data supplied by Bit Trade.
Regulatory radar
However, cryptocurrencies have been on the radar of the Australian Taxation Office of late, as many investors have professed confusion regarding their tax obligations on capital gains.
As we are in the midst of tax season, the ATO has announced it is cracking down on investors who deliberately avoid meeting these obligations and will not consider confusion around the issue as a suitable defence.
The ATO has promised to use its existing and standard processes to investigate ‘unexplained wealth’ that may be delivered through cryptocurrency investments, and said it will continue to review and update its guidance related to digital currencies going forward.
The Tax Office and related agencies have issued guidance on cryptocurrency, covering an individual's tax obligations. You can access them here:
- Tax treatment of cryptocurrency, specifically bitcoin
- Information for digital currency exchange providers
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