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Australia seeking advice on crypto taxation to OECD

Published

5 hours ago

November 25, 2024

Australia, with the world’s most significant number of crypto ATMs, seeks advice from an international organization on implementing crypto taxation.

The Organization of Economic Cooperations and Development (OECD), which has invented taxation on digital assets framework, was asked by the Department of Treasury to share input by next January.

The input of the consultations has focused on comparing two options of crypto taxation: implementing the OECD’s Crypto Asset Reporting Framework (CARF) into their law or customizing the policy approach.

CARF is a taxation transparency framework for the international authorities to collect tax-related information from the providers, including crypto-asset purchases and specific consumer data for $50k above transactions. Tax authorities could also share the information with other authorities to gain related information.

“The CARF improves visibility of income from crypto assets. This helps increase compliance with local tax laws and deter tax evasion,” the government on report.

The consultations seek advice on whether the government should follow the same rules as the OECD or implement its own to target specific data needed. If the Australian government implements its own, it could add or remove particular information fields based on the tax authority.

CARF would apply the Reporting Crypto Asset Providers to several crypto companies, including crypto exchanges, wallet providers, brokers, dealers, and ATM providers.

Australia’s growing crypto industry

The Australian government is aware that the crypto industry is growing. This is reflected in the relatively high crypto adoption among their people, with one-fifth of their population identified as crypto holders.

Australian crypto holders last year also gained a profit of up to $9,627 on average, or an increase of 17% from 2022 profit, according to a Swyftx report. The number of people going to invest in crypto in the next year is projected to boost to more than 2 million people.

According to CoinATMRadar, the crypto automatic teller machines (ATM) in Australia also share a big amount, estimated at around 3,3% of the market share in the world. The ATM has spread into Australia’s top cities, including Sydney (441), Melbourne (311), Brisbane (201), and Perth (140).

The government has recently sought advice regarding the central bank digital currency or digital dollar.

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Crypto ATM sting in Germany leads to $28m seizure

Published

3 months ago

August 21, 2024

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German authorities confiscated 13 crypto ATMs and seized nearly $28 million in cash across 35 locations.

It’s been quite the summer for Germany and crypto. German authorities have faced criticism for their negative stance on crypto after selling seized Bitcoin (BTC). Recent busts from August 20 reveal that German authorities are still cracking down on crypto malpractice.

On Aug. 20, German authorities carried out a wide-reaching anti-money laundering operation, confiscating 13 crypto ATMs and almost $28 million in cash from 35 locations nationwide, according to Reuters.

The raids, led by financial watchdog BaFin in collaboration with police and the Bundesbank, targeted machines operating without the necessary licenses, posing significant money-laundering risks.

Crypto ATMs are machines that allow users to buy or sell cryptocurrencies like Bitcoin using cash or debit cards. They function similarly to traditional ATMs but are designed specifically for cryptocurrency transactions.

German authorization for crypto ATMs

BaFin finds that converting euros to cryptocurrencies, or vice versa, constitutes a commercial activity that requires explicit authorization under Germany’s Banking Act.

The unlicensed operation of these ATMs raised concerns over potential links to criminal activities, including money laundering and terrorist financing, given the anonymity often associated with such transactions.

The watchdog reiterated its commitment to safeguarding the integrity of the German financial system, highlighting the importance of regulatory compliance to protect consumers.

ATM operators can now face prosecution, with penalties of up to five years in prison, according to AML Intelligence.

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Cryptonica hits 10M in weekly transactions

Published

4 months ago

July 29, 2024

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Cryptonica has reached a significant milestone by successfully handling 10 million transactions every week.

Cryptonica has a network of 6,000 ATMs spanning 22 countries, making it easier to access digital assets. Transactions from these ATMs show that 62% involve Bitcoin (BTC), 23% involve Ethereum (ETH), 7% involve Dogecoin (DOGE), and 8% involve other altcoins.

The average transaction value is $133, suggesting a diverse user base that includes retailers and small to medium-sized businesses.

What are crypto ATMs?

Crypto ATMs, also known as Bitcoin ATMs or BTMs, are physical kiosks that enable users to buy and sell cryptocurrencies using cash or debit cards. These machines are connected to the internet, allowing them to interact with various cryptocurrency exchanges and blockchain networks.

Users can buy crypto by inserting cash or a card and providing their wallet address, typically via a QR code scan.

Some crypto ATMs also allow users to withdraw cash by selling their cryptocurrencies. These transactions are usually quick, with confirmations taking anywhere from a few minutes to an hour, and are secured with compliance measures like identity verification to prevent fraud.

Growing use of crypto ATMs

The recent surge in transaction volume, 55% higher than the previous week, underscores the increasing demand for crypto ATMs worldwide.

Cryptonica ATMs boast an impressive uptime of 99.98%, setting a new industry standard for efficiency and reliability. The average transaction time is just 90 seconds. Rigorous fraud prevention measures and lockdown modes ensure the security of digital assets, contributing to the company’s growth and user trust.

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