HSBC Australia Bans Payments to Crypto Exchanges
HSBC Australia has implemented a ban on payments to cryptocurrency exchanges starting July 24, 2024.
This action , communicated via email, aims to safeguard customers from potential scams by blocking transactions from bank accounts and credit cards directed to these exchanges.
The move follows concerns highlighted by a report indicating that Australians lost up to $171 million to investment frauds last year. Regulators are increasingly wary of cryptocurrencies due to their association with money laundering risks, with expectations that these risks will grow over time.
Additionally, the Australian Taxation Office (ATO) is ramping up its scrutiny by gathering personal and transactional data from approximately 1.2 million crypto accounts to ensure proper tax reporting. This includes information on trading, selling, and using cryptocurrencies.
READ MORE:
U.S. Senator Opposes Biden’s Proposed 30% Tax on Bitcoin Mining ElectricityCryptocurrencies are treated as assets in Australia, making any profits from them subject to capital gains tax. Despite these regulatory measures, cryptocurrency engagement remains high, with over 800,000 Australians participating in transactions over the past three years and significant interest in memecoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Prediction Market Shows 75% Chance of New Country Buying Bitcoin This Year
Frax community approves frxUSD stablecoin backed by BlackRock's BUIDL
According to RWA.xyz, BlackRock's USD Institutional Digital Liquidity Fund has over $648 million in assets under management. The Frax community has voted to pass FIP-418 to use BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) as backing collateral for the Frax-USD (frxUSD) stablecoin. A