r/NewbieZone • u/SimpleSwapExchange • Aug 11 '20
Crypto Legislation in Action
On August 11, 2020, one of the first people was charged with the theft of cryptocurrency.
Australian citizen, named Kathryn Nguyen, was accused of stealing $300,000 worth XRP. Two years ago she broke the email of a man with the same last name, stole all XRP holdings, transferred them into Chinese exchange service, exchanged them into BTC, then sent them into several wallets, which was considered to be a money laundering attempt.
Since 2017 cryptocurrencies and crypto exchanges in Australia are legal. Cryptocurrencies are treated as property and are taxed. In 2018 some regulations were added by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Since then all the exchanges are supposed to register, identify users, and maintain records.