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On July 2, CICC published a Hong Kong stock strategy report, stating that the macro environment of Hong Kong stock industry rotation is: "Fund abundance + asset shortage = index volatility + extreme structure". The reason why the market presents this index volatility, but the characteristics of active structural market are determined by the three macro environments of insufficient overall economic returns, structural bright spots, and abundant funds. For the market, the Hang Seng Index has been fluctuating in the range of 23,000 to 24,000 points given by the bank in the past month. The corresponding risk premium and the optimistic sentiment are already equivalent to the high point in early October last year, so further optimism also requires more catalysts. CICC suggests that investors can moderately reduce their positions in the short term, or switch to AI Internet, which is expected to have a stable dividend and has cooled significantly compared with the beginning of the year, and wait for subsequent opportunities. If there is a large fluctuation, it can intervene more actively and buy back high-quality assets at a lower cost, but the premise is to keep the "bullet".Futures July 2, Economies.com analysts latest view today: Brent crude oil futures prices fluctuated, affected by the stability of the key support level of $66.50. If the subsequent price continues to remain stable, it will provide bullish momentum. However, in the short term, the bearish correction wave dominates the market, but because it is trading below EMA50, coupled with the negative overlap signal on the RSI, the negative pressure continues.Data released by BYD Denza Auto showed that it sold 15,783 vehicles in June, a year-on-year increase of 28.6%.According to the Asahi Shimbun: Japanese Economic Revitalization Minister Ryo Akasawa is planning to travel to the United States this weekend for trade negotiations.According to the Los Angeles Times: Paramount agreed to pay $16 million to settle Trumps lawsuit against CBSs "60 Minutes" program.

Crypto industry disappointed as Australia looks to enshrine tax rules

Cory Russell

Oct 27, 2022 16:16

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The cryptocurrency sector expressed its disappointment on Wednesday with Australia's decision to keep classifying cryptocurrencies as assets for tax reasons rather than foreign currency.


In its budget presentation on Tuesday, the government said that it will submit laws to formalize the classification of virtual currencies like Bitcoin as assets.


This implies that when investors sell cryptocurrency via exchanges or engage in digital asset trading, they must pay capital gains tax on their earnings.


The law eliminates confusion that followed El Salvador's decision to declare Bitcoin legal cash in September of last year, according to the Australian government's budget release.


However, Australia said that central bank digital currency (CBDC), or cash issued by the government, would be considered as foreign money.


Approximately 90% of the central banks throughout the globe are currently utilizing, testing, or researching CBDCs. The majority are attempting to avoid falling behind Bitcoin and other cryptocurrencies but are having trouble due to technical challenges.


The budget shift, according to Mitchell Travers, the founder of blockchain consulting firm Soulbis and a former operator of cryptocurrency exchanges, is ambiguous and seems to be at conflict with government research into the sustainability of a CBDC.


Given that the Treasury is also investing in attempting to shift the traditional technology systems that support our financial system over to digital assets, Travers said it would be unwise for the government to really take an enforcement approach to the taxation of crypto assets in its early stages.


If they were to impose the taxation of digital assets and then introduce its own CBDC without precise specifications of what token corresponds to what tax classification, it would be an amusing paradox.

The Treasury said in August that it will prioritize "token mapping" work, which would assist determine how crypto assets and associated services should be regulated. The Australian crypto industry is mainly uncontrolled.


The sharp decline in cryptocurrency values caused El Salvador, which became Bitcoin legal money last year, to suffer significant economic losses.


According to Caroline Bowler, CEO of BTC Markets, an Australian cryptocurrency exchange, "I think they are taking a snapshot in time and making an assessment for a long time around what happened in El Salvador and the price of bitcoin." She added that Australia will lag behind other nations that are adopting a more open-minded strategy.


The United Kingdom now has a prime minister who is conversant with central bank digital currencies, so Bowler predicted that Europe would gain ground. If we don't consider proportionate, sensible regulation, all these trade partners will surpass Australia.

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