Stricter regulations are coming for new digital currencies in Australia
The Australian Securities & Investment Commission (ASIC) has released a guidance paper on the regulatory framework for initial coin offerings (ICOs) in Australia. “ICOs generally operate by allowing investors to use cryptocurrency (such as bitcoin) to purchase coins via the internet for a set period of time,” ASIC said. “The ICOs are often global offerings which can be created anonymously and/or accepted anonymously.” The paper clarifies what type of ICOs would be regarded as a Managed Investment Scheme (MIS), and therefore subject to the Corporations Act. Here’s ASIC on what constitutes an MIS: A managed investment scheme (MIS) is defined within the Corporations Act. Basic indicators of whether an arrangement […]
Bitcoin ‘more than just a fad,’ Morgan Stanley CEO says
Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.” The digital currency has […]
Now you can buy Ethereum and alt-coins with cash at your local newsagent
The cryptocurrency revolution is coming to your local newsagent. Since 2016, enthusiasts have been able to purchase bitcoin over the counter in a local store via the blueshyft platform. Through a new partnership with CoinSpot, that has now been expanded to include numerous other cryptocurrencies, including Ether, the biggest rival to the dominance of bitcoin in the digital currency world. blueshyft CEO Kain Warwick describes the new in-store offering as a significant improvement to the availability of Ether and other digital currencies for consumers. “More Australians are becoming interested in cryptocurrencies beyond bitcoin. This partnership with CoinSpot now provides a simple method for consumers to buy many different […]
Legislation introduced to remove double taxation on digital currencies: What this means for startups
Digital currencies such as Bitcoin and Ethereum will no longer be subject to double taxation if legislation introduced last week into the Federal Parliament is successful. Treasurer Scott Morrison says the proposed change will “further cement Australia’s reputation as a global Fintech centre”. The legislation follows a promise the federal government made in the 2017 Budget, when it pledged to exempt purchases of digital currencies from the goods and services tax (GST) from July 1. The promise followed on from a statement by the Treasurer in March 2016, committing the government to addressing the issue. The legislative changes mean digital currencies, such as Bitcoin and Ethereum will be treated similarly […]
World’s central banks can’t ignore the Bitcoin boom, BIS says
The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing in countries like Sweden where cash use is dwindling. Institutions need to take into account of not only privacy issues and efficiency gains in payment systems, but also economic, financial and monetary policy repercussions, the BIS said in its Quarterly Review. The analysis comes at the end of a rough […]
Two Australian fintechs selected to help develop payments solutions for the world
Two Australian fintech companies have beaten entrants from across the world to be selected among five finalists in a global payments industry challenge, where they will work to develop new cross-border solutions for thousands of banks. Assembly Payments and CurrencyVue have been selected to take part in the SWIFT gpi Industry Challenge in Singapore on 13-14 September. As part of this challenge, the two well-established financial technology companies will work with 30 banks to develop new services for SWIFT’s more than 11,000 financial institution members across 200 countries, leveraging its SWIFT global payment innovation (gpi) service. Two winners will emerge from the Singapore event and will be featured at Sibos […]
FlashFX first off the block to use blockchain for international money transfers and launch into Asia
Foreign exchange digital currency provider, FlashFX, announces it is the first Australian company to receive an Australian Financial Services Licence (AFSL) from Australian Securities and Investments Commission (ASIC) to transfer money internationally using blockchain technology. The FlashFX infrastructure is built on the Ripple distributed ledger technology using their real time currency settlement and payment network. “FlashFX is designed to revolutionise the way everyone makes international money transfers,” says Chief Enabling Officer, Nicolas Steiger. “We purpose built the platform to move money overseas securely, quickly, cheaply and with more control for consumers. “Blockchain offers a cryptographically secure end-to-end payment flow and records all transacted information. Being regulated by ASIC adds that […]
Three thousand Bitcoin ATMs to launch across Australia
Almost 3000 Bitcoin automatic teller machines will launch across Australia as part of a venture between an ATM operator and a blockchain service provider. The joint venture between StarGroup and DigitalX will see 2900 existing ATMs across Australia equipped with technology that will allow Bitcoin enthusiasts to buy and sell the digital currency. StarGroup has 500 ATMs and a further 2400 through its StarLink subsidiary nationally. The machines will be “two-way” ATMs, meaning users can acquire Bitcoin as well as convert their holdings to AUD cash instantly. The companies say this will solve a pain point for Bitcoin enthusiasts, who generally need to wait days using existing digital currency exchanges […]
