The launch of the VanEck Bitcoin ETF in Australia has garnered attention since the approval of the U.S.’s first spot Bitcoin ETF by the Securities and Exchange Commission in January. It is expected to attract significant capital inflows from the country’s sizable pension fund market as investors seek to diversify portfolios with exposure to digital assets. Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are involved in these ventures, with growing expectations that the trend will gain traction due to the exchange’s higher visibility and the recent surge in Bitcoin’s value. This move is part of the Australian Taxation Office’s strategy to combat potential tax evasion in the rapidly expanding cryptocurrency market.
The ATO aims to identify traders who may have underreported their crypto-related activities, such as converting digital assets into fiat currency or using them for transactions. The ATO’s notice requests a comprehensive range of personal details from users, including names, addresses, dates of birth, phone numbers, and social media profiles. The tax authority also seeks transaction specifics such as bank accounts, wallet addresses, and details of the cryptocurrencies traded. Effective as of June 11, this measure aims to prevent individuals from gambling with borrowed funds or using digital currencies, promoting responsible gambling practices nationwide.
At the time of writing, Bitcoin (BTC) is exchanging hands for $66,177, representing a 4.6% decline on the weekly timeframe, according to CoinGecko data.