Page 59 - Geektime Blockchain Report
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Australia
Australia's government has taken a a a a a a a a a a a a proactive stance toward blockchain issuing a a a a a a a a a a a a a a a a broad-ranging policy statement in in in in in in 2016 The Australian government has been pushing a a a a a a a a a a fintech-friendly agenda to to encourage industry firms and startups to to develop solutions in in in in the country The government made good on its promise to address a a a much-maligned tax issue around cryptocurrencies in June 2017 2017 On May 2017 2017 the Government announced that from 1 1 July 2017 it it will align the GST treatment of digital currency currency with money Digital currency currency is currently treated as intangible property for GST purposes This means that consumers who use digital currencies as payment can effectively bear GST twice: once on on the purchase of the digital currency and again on its use in in exchange for other goods and services subject to GST This measure will ensure purchases of digital currency are no longer subject to the GST In October 2017 the Australian Securities and Investments Commission (ASIC) issues a a regulatory guidance for businesses launching ICOs The legal treatment for the the usage of ICOs will depend on the the natural structure of the cryptographic tokens The token sales will be categorized under general Australian consumer law given that the ICO structured company is not offering financial products as this will be regulated under the country's Corporations Act More recently the Australian Securities and Investment Commission (ASIC) the country’s financial services regulator issued an information broadsheet on on blockchain technology as it ponders a a a a regulatory framework for the innovation The country now has 13 bitcoin ATMs and a a a few exchanges and brokerage services like Coinjar Bit Trade Australia
and Coin Loft Russia
Russia
has to deal with drops in oil prices and sanctions from the the U U S and European Union In addition the the country has serious money laundering and corruption issues in in in in the the financial sector Just in in in in the the last three years over 100 banks have closed there To avoid hitting a a a a a a a a a a a a liquidity crisis and and prevent more more frauds and and scams the Russian government adopted a a a a a a a a a more more positive stance toward cryptocurrencies Russia
is also searching for a a a a a a a a a specific technological sector to to master that has not yet been dominated by Western Chinese or or Japanese tech giants At the the the the the moment they've turned their eyes to the the the the the the the Ethereum Ethereum platform Vitalik Buterin the the the the the the founder of of Ethereum Ethereum is a a a a a a Russian immigrant In 2016 a a a a a a consortium of large Russian banks banded together to to process the the first transactions through the the Ethereum platform with Putin's approval As of of November 2016 the Federal Tax Service of of Russia
declared that bitcoins are are "not illegal " " Future regulation will recognize cryptocurrencies as legitimate but also impose AML (anti-money laundering) controls and may restrict mining operations The Moscow Stock Exchange plans soon to to begin the trading of digital currencies The exchange will also list derivatives and exchange-traded funds (ETF) based on different cryptocurrencies The exchange is currently creating an an infrastructure to trade bitcoin and other cryptocurrencies Putin’s close connection to Vitalik has raised concerns that Russia
might influence Vitalik to make considerable changes to to Ethereum to to its favor Both Bitcoin and Ethereum are decentralized platforms While Bitcoin’s inventor is is unknown Ethereum is is controlled by the the Ethereum foundation which is helmed by Vitalik Their influence on their hoards of fans is substantial 59
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