Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
With recent cryptocurrency ATM installations, Australia now firmly stands as the third largest ATM installer in the world.
Australia is currently has the third-large Bitcoin ATM network in the country, only behind the United States (with 29002 ATMs currently) and Canada (with 2725 ATMs). Since the beginning of the year, Australia has been adding ATMs to move from fifth largest ATM installer to third in just one month to overtake the Bitcoin-friendly El Salvador and Spain at the time.
With 370 ATMs installed, Australia has now surpassed the entire continent of Asia’s 255 crypto ATMs. This includes Japan and crypto-friendly Singapore.
Australia’s cryptocurrency ATM adoption represents broader Bitcoin growth in the country. This comes at the same time that internal documents were leaked from Australia’s Department of the Treasury that pointed to proposed cryptocurrency legislation.
How do cryptocurrency ATMs work?
Bitcoin and crypto ATMs are very similar to traditional ATMs in their operations. Through the ATM, users can select the cryptocurrency they want to buy or sell, and then insert cash or a debit card to purchase (or sell) the digital cash. The machine then verifies the transaction and sends the chosen crypto to the user’s digital wallet or dispenses cash.
Why countries would benefit from installing ATMs
There are several perks to a country installing cryptocurrency ATMs, especially if they undertake Bitcoin-friendly regulation. Increased accessibility to cryptocurrency is a major advantage for a country that is looking to offer citizens more options to buy digital currencies.
This is especially important in countries where traditional banking access is limited and leads to financial inclusion. Crypto offers those who have limited or no banking access an opportunity to be involved in the global financial systems.
Crypto ATMs also offer a boost to the local economy and attracts investors and traders from the industry to participate in the country’s economy. This helps stimulate innovation in the country and helps increase the opportunity for tax revenue in countries where crypto is taxed.
While there are several advantages to a country installing cryptocurrency ATMs, there are also some potential disadvantages to consider such as security risk, limited access to more niche cryptocurrencies, and regulatory concern.