Cryptocurrency ("Crypto"), a digital
asset in which encryption techniques are used to regulate the
generation of additional units and verify transactions on a
blockchain, is not a new concept. It has been over a decade since
the first decentralised Crypto was released in the form of bitcoin.
Yet Crypto remains an elusive concept that is foreign to many
— notwithstanding that 25% of Australians have either
previously held or currently hold Crypto and this makes Australia
one of the biggest adopters on a per capita basis of this digital
currency that has a global market totaling trillions of
dollars.1
The Australian Tax Office ("ATO") has
also acknowledged that there is widespread misunderstanding around
the tax implications of investing in Crypto, particularly among
retail investors.2
