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Australia ends double tax on Bitcoin

Good news for Bitcoin and cryptocurrency investors; from next July, Australians will no longer be required to pay goods and services tax (GST) twice when purchasing cryptocurrency!   Presently, cryptocurrency transactions are, in essence, taxed twice in Australia. Once when you buy the currency, and then again when using the currency to buy any goods that are subject to the goods and services tax. After the long-fought passing of new legislation in parliament today, there is a light at the end of the tunnel and the legislation is coming into the modern age. The previous law came in in 2014...

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Silicon Valley backing Bitcoin

 With Bitcoin at an all-time high, it's no surprise to see movers and shakers from Silicon Valley back the cryptocurrency. To add a little perspective to just how much the value of Bitcoin has soared, it's a good idea to take a look at Laszlo Hanyecz. As an early adopter of Bitcoin, Hanyecz mined 10,000 of them in 2010 and, in what was the first ever cryptocurrency transaction, managed to trade them for two pizzas and a couple of sides. With the pizza valued at $30, Hanyecz had managed to trade his Bitcoin at a value of 0.003 cents each....

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Switzerland awards first Bitcoin licence

Switzerland has taken steps to embrace Bitcoin and increase security surrounding coin exchanges by issuing its very first Bitcoin licence. The recipient of the licence is the owner of Payment 21, Moving Media. The company is the first of its kind to gain full regulatory compliance from the financial regulator in Switzerland. Moving Media announced the move in a blog post, stating that they had acquired a licence as a Directly Subordinated Financial Intermediary (DSFI). The issuing of the licence means that the financial services authority in Switzerland has become what is known as a compliant partner when it comes...

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Bitcoin set for US regulation?

The US is gearing up to introduce stronger rules for the regulation of virtual currencies, including Bitcoin, amidst concerns about how risky these currencies are. On 17 October 2017, the US Commodity Futures Trading Commission (CFTC) issued a report in which it confirmed that Bitcoins are commodities which fall under its regulatory remit. The report, titled 'A CFTC primer on virtual currencies', confirmed that, “[t]he CFTC’s jurisdiction is implicated when a virtual currency is used in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce.” The CFTC report makes it clear...

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Bitcoin price reaches 'all time high'

It seems that now is the time to be in Bitcoin, after prices surged in the last week. Over the past few days, Bitcoin rose past $5,400, setting an all time record for the cryptocurrency. Bitcoin goes through the roof It was thought that the highs of 2 September wouldn't be beaten for quite some time, but a seemingly endless October rally saw Bitcoin smash through the $5,000 barrier. If history has taught us anything, however, we should see a sell-off begin. The last time Bitcoin reached such heights, the sell-off turned into a downturn, thanks to China banning ICOs...

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