SYDNEY: Australia’s tax authority is stepping up its effort to police the use of cryptocurrencies, fearing many investments and gains are not correctl...
: Australia’s tax authority is stepping up its effort to police the use of cryptocurrencies, fearing many investments and gains are not correctly declared.
Between 500,000 and a million Australians are believed to have invested in crypto-assets such as bitcoin. According to data provider CoinMarketCap there are more than 2,000 cryptocurrencies in existence, with Wall Street banks and traditional financial firms getting in on the act. The providers were selected to “ensure we have good coverage of the cryptocurrency market”, said Day.
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