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With 1 million Australians now dabbling in digital assets, experts gather to discuss the issues this weekend on the Gold Coast.
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Crypto fest to debate tightening regulations
16 September 2022
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9 minute read
Australia’s love affair with digital assets is bringing on a change in the country’s tax landscape, according to one of the speakers at this weekend’s crypto conference on the Gold Coast.
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Head of tax at Koinly Danny Talwar said regulatory bodies were rapidly adjusting to the impact of digital assets and throwing up all sorts of issues for holders.
“Anyone following the digital asset space in Australia right now will probably feel as though there is a new regulation or piece of guidance appearing every week,” said Mr Talwar.
“While digital assets have traditionally been viewed as just cryptocurrencies, the term digital assets now also refers to everything from NFTs (non-fungible tokens) to DeFi (decentralised finance) tokens and platforms.”
The inaugural Australian Crypto Convention will feature Mr Talwar discussing crypto topics with other experts, including Deloitte partner Neil Pereira and lecturer at RMIT Blockchain Innovation Hub Elizabeth Morton.
As one of his topics, Mr Talwar would look at what it meant for digital asset holders for ASIC to flag crypto assets as part of its core strategic projects for 2022-23.
He would also be examining common misconceptions about crypto and tax as well as the complexities and uncertainties faced by taxpayers.
The uptake of digital assets has seen the ATO and Treasury scrambling to release new guidance with a survey undertaken in April indicating that over 1 million Australians now own at least one type of cryptocurrency.
Earlier this month the ATO updated its advice on the tax treatment of airdrops, which are events where users of certain digital protocols are rewarded for their use via tokens that hold financial value.
This followed an announcement from the treasury which said it would undertake token mapping to chart all crypto assets held by taxpayers.
Also on the agenda are Mr Pereira discussing the implications of crypto tax rules on running a business and Ms Morton on the how the current state of affairs is challenging tax practitioners and taxpayers.
The Australian Crypto Convention will be hosted at the Gold Coast Convention and Exhibition Centre this weekend, 17-18 September.
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