The “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams. A consultation paper on a new framework for addressing consumer and business scams proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others.…
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The Australian Tax Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer 2 bridges. Australia’s tax regulator has been unable to clarify confusing aspects of its new guidance that suggests capital gains tax (CGT) is payable on a slate of everyday decentralized finance transactions.…
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The heads of Australia’s largest crypto exchanges say a bull run is coming early next year — others say it’s already arrived. The market has already entered the first phase of a major rally, with the number of people buying crypto trickling upward which is expected to accelerate early next year, say the heads of…
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This obligation won’t be backed by a fine if the company fails to comply, and businesses will still be permitted to pay ransoms, though this is discouraged. Australian authorities will oblige local companies to be fully transparent and report any ransomware cyberattacks on their businesses. The country’s economy lost $2.59 billion to cybercrimes in 2021. …
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The J5 generates significant leads through events, which, in the past, has helped uncover multimillion-dollar crypto Ponzi schemes, such as the BitClub Network. The Joint Chiefs of Global Tax Enforcement (J5), a global anti-tax fraud group, hosted investigators, cryptocurrency experts and data scientists in “The Cyber Challenge” event to track down individuals and organizations committing…
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South Australian police have apprehended a 25-year-old man from Adelaide Hills on charges of drug trafficking and money laundering, with approximately $1.5 million worth of crypto seized during the operation. The accused individual operated multiple vendor profiles on the dark web, selling various drugs, according to a Thursday report by the Australian Broadcasting Corporation…. Read More: South Australian Police…
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A Melbourne couple is set to face a plea trial in October for a theft charge after inadvertently receiving 10.5 million Australian dollars ($6.7 million) from Crypto.com in 2021. The couple, who received the funds by mistake, proceeded to spend the money before the error was discovered. The incident occurred in May 2021 when Thevamanogari Manivel made a transfer to her…
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Australia’s securities regulator has initiated civil proceedings against Bit Trade Pty Ltd, an entity providing Kraken services to Australian users. According to the government agency, the company failed to comply with regulatory obligations meant to ensure proper consumer protection. Australian Regulator Seeks to Prohibit Kraken Partner From Ongoing Conduct The Australian Securities and Investments Commission…
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Australia’s regulatory body, the Australian Securities and Investments Commission (ASIC), has initiated legal proceedings against Bit Trade Pty Ltd, the provider of the Kraken cryptocurrency exchange for Australian users, for breaching design and distribution obligations related to its margin trading product. ASIC Deputy Chair Sarah Court said, … Read More: ASIC Initiates Civil Proceedings Against Bit…
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