๐จ BREAKING: Australia to Tax Unrealized Capital Gains + New Crypto ATM Rules Incoming ๐ฆ๐บ๐ฐ
Australia is taking a bold step in financial regulation โ and it's turning heads ๐
๐ป Hereโs whatโs happening:
๐ Starting July 1, a 15% tax will apply to unrealized capital gains for individuals with assets over AU$3M (~US$2M)
๐น Applies to stocks, crypto, & other investments โ even if not sold
๐งพ First of its kind in the country; planned for the 2025โ2026 fiscal year
๐ฌ Industry Reactions:
โ Tom Lee (Fundstrat CIO): Called it an "insanely bad idea"
๐ญ David Schwartz (Ripple CTO): Suggested using assets as loan collateral to pay the tax
๐ Critics fear it could drive away investors, especially in volatile markets like crypto
๐ง Crypto ATMs Under Fire: New Rules from AUSTRAC
๐ New restrictions to combat scams:
๐ต Max cash deposit: AU$5,000 (~US$3,250)
๐ Stricter KYC and enhanced monitoring for all transactions
๐ AUSTRAC reports 150+ scam cases in the last year, with AU$3.1M+ in losses
๐ง 72% of usage from over-50s โ a key target group for scammers
๐ก๏ธ AUSTRAC CEO: Measures aim to prevent fraud and will evolve as needed
โ๏ธ Big Picture:
Australia is tightening its grip on digital finance โ from taxing paper profits to cracking down on ATM fraud. ๐๐
๐ฅ Supporters say it boosts transparency, but critics warn of economic fallout.
