Financial services update: crypto-currencies in Australia — specifically bitcoin
By Marianne Robinson
While the use of crypto-currencies such as bitcoin have increased in popularity in Australia, there has been very little legal clarification provided by regulators or legislators in relation to its legal status.
Bitcoins are referred to in a number of ways, including a peer-to-peer payment system, a digital currency and a global currency. The challenge presented by bitcoin is its versatility. It can be mined, stored, used as an investment, traded, used to purchase goods and services, form part of a salary package, used as part of a derivatives transaction or exchanged for physical currency.
The first official regulatory response was issued on 21 August by the Australian Taxation Office (ATO) in the form of public guidance on the treatment for transactions associated with crypto-currencies, specifically bitcoin…
Click on the link below to read the rest of the DLA Piper briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
DLA Piper’s ‘Life sciences: patent extension strategies and antitrust global update’ video covers global antitrust and competition issues including product hopping and reverse payment patents.
Analysis from The Lawyer
Cross-border work and political tensions are dominating this year’s entries for Finance Team of the Year at The Lawyer Awards.
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work