FRom archives 2015, page-4

No change in sight

This is the power of the blockchain. We’re already seeing it work in isolated microcosm communities, all we need to do is scale it up. It won’t happen overnight but the point is the government should have been looking into this stuff years ago.

It’s a shame really, but not surprising. In time we expect things will change, whether the government is on-board or not.

If they won’t reform then world will revolt. The crypto genie is well and truly out of the bottle, and there is no way of getting back inside.

Whether it takes a year or a decade, change is coming.

Until that change arrives though we’re stuck with the bogged down bureaucratic mess. It’s unfortunate, but it’s a reality. So, if you’ve been dabbling in crypto make sure you know where you stand.

As Michael Croker, tax leader for Chartered Accountants told ABC News:

‘Chartered accountants know that savvy clients who profit from speculative activity sometimes demand concessionally taxed capital gain treatment on the way up, and plead for tax deductible revenue loss relief on the way down...’

If we have to be part of their system, the least you can do is be smart about it. Get yourself a decent accountant and plan accordingly.

Play by the rules today, knowing that one day they’ll be playing by ours.