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The country bidding to be APAC’s crypto hub with new tax cuts

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Australia’s crypto sector is getting a huge makeover, including a new tax system and regulation

Australia’s government plans to regulate cryptocurrencies as part of a broader revamp of the country’s payment system.

The Sweeping reforms inlude a new tax system, additional protections for investors, and regulation for crypto exchanges and brokers.

This announcement comes as Aussie Blockchain Week kicks off, with CEO of FTX saying the world is “very much” looking for a crypto hub in the Asia Pacific region.

Australia is looking to market itself as a crypto hub, with comments from Federal Ministers indicating the nation is “open for business” when it comes to crypto.

Jane Hume, Australia’s Minister for the Digital Economy, says the Australian government will “enable Australians to invest safely and securely in crypto assets” by introducing a market license framework.

According to Hume, the government’s role in boosting the country’s crypto economy is to ensure “trust” between crypto investors and exchanges.

Australian senator Andrew Bragg spoke at Blockchain week Aus, emphasising Australia’s ability to become a crypto hub.

“There has been strong agreement about the need to address proper law design.”

BRAGG SAYS

To reduce the risk that Australia misses its “cryptocurrency hub” opportunity, Bragg says, “We should have a very simple, clear and clean Digital Services Act.”

He continued saying that Australia should look to the Isle of Man or the Bahamas or “any of these tax havens for inspiration on regulation”.

But Hume defends the policy reform, saying the aim is to be the government’s signal for Australians that they can trust the crypto services

“The Morrison government wants to make sure that consumers can trust the exchanges that they use to buy crypto,” Hume says speaking at Blockchain Australia.

The introduction of the policies is ahead of the federal election that is slated to take place in the next couple of months.

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We know how the crypto market will recover, but when?

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$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery

The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.

According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.

This would represent a significant rebound from their current levels of around $10,000 and $200.

The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.

With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.

So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.

With institutional investors coming in, there could be more stability in the market and less volatility.

JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.

With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.

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Ex-Crypto boss Do Kwon denies he’s on the run

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Do Kwon is denying reports he is on the run

The founder of Terraform Labs denied reports he is on the run from South Korean authorities.

It follows an international arrest warrant being issued for the cryptocurrency executive

Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.

The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.

Kwon insists that he is not fleeing from authorities and is cooperating with investigators.

Some analysts say this case highlights the risks associated with investing in cryptocurrency.

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Do Kwan wanted by Interpol over Terra collapse

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Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra.

The BBC reports that a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.

The notice reportedly requests information on Kwon’s whereabouts and calls for his arrest and extradition to South Korea.

It’s the latest development in the ongoing saga of the Terra blockchain project, which has been mired in controversy since its inception.

The project raised billions of dollars through an initial coin offering in 2017, but it has since been dogged by allegations of fraud and mismanagement.

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