Australian tax authorities plans on regulating cryptocurrencies
ATO creates specialist task force to tackle cryptocurrency tax evasion
The Australian Taxation Office is putting together a taskforce of tax experts, lawyers, technology specialists, bankers and financial advisers to help it identify and track cryptocurrency transactions to ensure all taxes are being paid.
I believe governments have the right to regulate and levy tax on transactions to run the country. Regulations, if implemented fairly, provide a level playing field for all participants and brings credibility to the sector. However, if they fail to work in ensuring best interest of all parties, concentration of power, income inequality, social injustice, etc. would continue to plague our societies.