Last modified on November 21st, 2022 at 5:42 pm
The Australian Treasury has announced that cryptocurrency will continue to be excluded from foreign currency tax arrangements. This decision came about after the Government of El Salvador granted Bitcoin the status of legal tender, which in turn created some uncertainty with regard to the status of Bitcoin for tax purposes in Australia. As such, the …
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Last modified on November 21st, 2022 at 5:45 pm
Australian users of the Apple App Store and Google Play Store have instituted simultaneous legal proceedings against the tech companies over an alleged breach of the Australian Consumer Law. The lawsuits allege that Apple and Google’s substantial degree of market power in Australia has enabled the companies to force developers to use Apple and Google …
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Last modified on November 21st, 2022 at 5:45 pm
The Australian-based cryptocurrency exchange, BTC Markets, has become the first of its kind to receive a financial services licence. The Australian Financial Services Licence (AFSL) is a licence granted by the Australian Securities and Investments Commission to permit businesses to provide financial services. This is a mandatory practice in traditional finance, particularly where institutions provide …
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Last modified on December 3rd, 2022 at 3:28 am
The healthcare sector has increasingly become one of the largest targets of cybercrime and cyberattacks. The healthcare sector has become a prime target for cybercrime due to its handling and storage of sensitive and confidential information and outdated systems. During 2020, the Australian Cyber Security Centre (ACSC) received 166 health sector-related cybersecurity incident reports, raising …
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Last modified on November 21st, 2022 at 5:47 pm
The Australian Communications and Media Authority (ACMA) has released a report to the government on the adequacy of digital platforms’ disinformation and news quality. As part of the Digital Platforms Inquiry, the Australian government is preparing a voluntary code of practice to address disinformation and misinformation online. This code was launched on 22 February 2021 …
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Last modified on November 21st, 2022 at 5:48 pm
The European Union (EU) published a report by the Economic and Monetary Affairs Committee (ECON) on the upcoming Markets in Crypto-assets Regulation Bill (MiCA Bill). The MiCA Bill was initially announced in 2020 to expand cryptocurrency use to businesses throughout the EU. The MiCA Bill covers a variety of crypto-related topics with mixed reception from …
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Last modified on November 21st, 2022 at 5:49 pm
The Australian Parliament recently amended national security legislation via the National Security Legislation Amendment (Comprehensive Review and Other Measures No.1) Bill to enhance Australia’s security capabilities. The Bill is coming off the back of the Ukraine-Russia conflict and the REDSPICE initiative. REDSPICE is a defensive program that stands for resilience, effects, defence, space, intelligence, cyber, …
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Last modified on November 21st, 2022 at 5:50 pm
The Australian Securities and Investments Commission (ASIC) has published an Information Sheet (INFO 269) warning social media influencers of their potential breach of the Corporations Act 2001 (Cth). INFO 269 is targeted at online personalities who promote or sell financial products and services to their audience. ASIC has been investigating these “finfluencers” since mid-2021 due …
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Last modified on November 21st, 2022 at 5:51 pm
The ANZ Bank has minted the first-ever stablecoin that is pegged to the Australian dollar. This move by the bank is off the back of Australia’s push to legitimise the use of cryptocurrency in real transactions. Senator Andrew Bragg recently announced a new legislative proposal by way of the Digital Services Act. This piece of …
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Last modified on November 21st, 2022 at 5:54 pm
The Corporations Amendment (Meetings and Documents) Act 2022 (Cth) (Act) has received royal assent to make virtual meetings and e-signatures permanent for Australian corporations. The Act was initially introduced as a temporary measure in response to COVID-19 in 2020 to enable businesses to continue operating without physically interacting. This worked as an immediate band-aid solution …
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