Australia Financial News

With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax. 

Australian crypto entrepreneur and investor Fred Schebesta has described the Australian government's prioritization of token mapping as “wonderful,” but warns that rushing it could lead to detrimental effects on the economy.

Digital asset investment firm GEM Digital Limited (GEM) has committed $50 million to finance ParallelChain Lab following the launch of its mainnet and native token listing, XPLL, in Q4 2022.

As the crypto community grows, issues within the crypto community become more complex. Regulatory, political and social issues often get in the way of crypto adoption, slowing the advancements within the space. 

The sanctions on cryptocurrency mixer Tornado Cash has left a vacuum for illicit fund mixing services, but more time is needed before we’ll know the full impact, according to Chainalysis’ chief scientist.

NFT platform Rario today announced the Indian T20I team’s young speedster Arshdeep Singh’s exclusive partnership with the platform to launch his own non-fungible tokens (NFTs). Arshdeep joined Rishabh Pant, Virender Sehwag, Zaheer Khan, Smriti Mandhana, Cheteshwar Pujara, Ruturaj Gaikwad, M Siraj, Shafali Verma, Rashid Khan, Jason Holder, Quinton De Kock and many others as player partners of the platform. Through this association, Arshdeep’s NFTs will be available exclusively on Rario, the company said in a release. Arshdeep Singh is a newly introduced fast bowler in the Indian team who made his international debut for the Indian cricket team in July 2022. The company also launched the ‘Star Power Pack Drop’ on Monday. The pack featured player cards from the Indian and Australian cricket teams that will participate in a bilateral series that kicks off today, September 20. It had one Australian and one Indian player card, with differing skill sets, per pack including the likes of Rishabh Pant, Dinesh Karthik, Steve Smith and Pat Cummins. The prices of the packs ranged from $4 to $150, it said.

Nonfungible tokens (NFTs) may be the biggest driver of crypto adoption in Central, Southern Asia, and Oceania (CSAO), a new report has found. 

Shiba Inu is one of the tokens attempting a comeback after a rough weekend in which its price fell below the $0.00000010 threshold. The digital asset, a part of the best meme coins, relies on strong fundamentals to propel it to new heights, although macroeconomic factors may slow its ascent. 

On Wednesday, Tether (USDT), the issuer of the U.S. dollar-pegged USDT stablecoin, said that a recent order by a U.S. judge to provide evidence of USDT backing is part of routine discovery in court cases. The firm said that the decision did not substantiate any of the claims listed in an ongoing lawsuit: 

Blockchain infrastructure platform Coinbase Cloud has officially rolled out its Web3 developer platform, allowing users to build new decentralized applications free of charge. 

Jamie Coutts, Crypto Market Analyst for Bloomberg Intelligence argues that “falsehoods” and “fear of the unknown” is what has been holding back traditional portfolio managers from investing in cryptocurrency. 

On Tuesday, institutional crypto lending protocol Maple Finance and its delegate Icebreaker Finance announced that they would provide up to $300 million worth of secured debt financing to public and private bitcoin mining firms. Qualified entities meeting treasury management and power strategies management standards located throughout North America, as well as those in Australia, can apply for funding.

Bitcoin again topping the $19,000 mark, whereas Altcoins zoomed up to 10 per cent. Riskier asset class was back in flavour ahead of the US Federal Reserve's monetary policy meeting later in the day. Investors are bracing up for another 75 basis point rate hike. All the top crypto tokens are trading higher. XRP rallied more than 10 per cent, whereas Solana and Ethereum jumped 5 per cent each. Bitcoin and Avalanche added 4 per cent each. The global cryptocurrency market cap was trading significantly higher at $939.86 billion, jumping more than 3 per cent in the last 24 hours. However, the total trading volume zoomed over 8 per cent, close to $75.5 billion.

Australian-based crypto platform Marhaba DeFi says there has been a strong take-up of Halal-approved cryptocurrency products on its platform, with aims to release a suite of new products which align with Islamic law by the end of 2022.

The Securities Exchange Commission (SEC) has made an unprecedented claim that Ethereum transactions take place in the United States as ETH nodes are “clustered more densely” in the United States than any other country. 

Modern parents are going to need to keep an even closer eye on their kids’ gaming habits, as some of them may be accumulating a hefty tax bill, according to a crypto tax specialist.

Australian senator Andrew Bragg hasdrafted a bill aimed at better regulation of cryptocurrency and other virtual assets in the country.

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Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan.

The sponsorship of high-profile sports and teams may be key to legitimizing the crypto industry to the general masses, according to Luke Ryan, Head of Content at Australian crypto exchange CoinJar.

Widespread adoption of Web3 mayeventually become a reality but Trust Wallet CEO Eowyn Chen foresees three main barriers standing in the way of mass adoption.