Binance Australia Offers Tax Tips for Crypto Traders Amid Regulatory Uncertainty

Pro-XRP lawyer Bill Morgan has joined the chorus of criticism against regulatory bodies, suggesting that both the Australian Securities and Investments Commission (ASIC) and the U.S. Securities and Exchange Commission (SEC) are failing to establish clear guidelines for the cryptocurrency industry.

However, the lawyer acknowledged ASIC for not pursuing the “madness of endless regulation by enforcement.”

The US shouldn’t feel alone. Australia under its current government is doing its part not to pass any meaningful crypto regulation too, however at least our regulator, ASIC, is not perusing the madness of endless regulation by enforcement of the SEC. https://t.co/hI1GTlo968

— bill morgan (@Belisarius2020) July 5, 2024

Morgan’s post responded to comments by Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, who commended the Point Zero Forum for its recent event in Zurich, Switzerland. In a separate post on X, Alderoty highlighted the event’s outcome, noting that consistently applying good regulation leads to predictable results.

Expressing his disappointment with the current situation, the Ripple CLO noted that the U.S. has fallen short in administering regulation compared to other countries.

Meanwhile, in line with the recently concluded Point Zero Forum event, Binance Australia shared commentary by Patrick McGimpsey, outlining how crypto traders can minimize their tax burden. McGimpsey noted that in Australia, crypto traders can access capital gains discounts for assets held for over 12 months.

McGimpsey explained that crypto traders in Australia who make gains on assets held for over 12 months are taxed on only 50% of those gains. Alternatively, those traders who incur losses while holding crypto assets for over 12 months also qualify for special considerations when calculating their taxes on such digital assets.

Crypto regulation is a pressing issue in the crypto industry, with various jurisdictions providing unique regulatory frameworks. However, the U.S. SEC has been in the spotlight because of its regulatory enforcement pattern, drawing criticism from many in the crypto industry.

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