Australia banned bitcoin gambling

Australia banned bitcoin gambling

   

The northern territory of Australia Race Committee gaming regulators (NTRC) has released an unofficial ban, ban cryptocurrencies all online gambling, and particularly bitcoin and etheric fang. Just a few days ago, an online gambling site license they announced that it is providing bitcoin to its customers.

Neds accept bitcoin gambling

Australia online gambling sites, CEO of Neds PaulCherry said: “we believe bitcoin currency and encryption is a feasible and secure online transactions. With this announcement, we want to ensure that those who share with us the positive attitude of the Australian currency encryption can use them and we bet.”

“We have been proud to be a technology company,” he said. “We are not only sports and race enthusiasts and Gambling company, we are programmers, analysts and computer fans, so this is a natural step for us. And we think that there are a lot of cross into the target market (money market encryption).”

Australia Brisbane because of its online gambling sites to accept bitcoin and received a lot of notice. As the first case of the continental countries, Neds even plans to join the currency substitution. Neds also claimed that more than 2% users will bear the transaction costs.

Neds received a license in the autumn of last year, and prepare all bets are using bitcoin, from the bet to the final exit. Cherry said thoughtfully: “this is a technical solution, we see ourselves as technical personnel, so we put bitcoin or other encryption currency integrated into our platform seems very appropriate. Many people may be some immature investors, they obtained some bitcoin in recent speculation, they may not know how to deal with these bitcoin.”

Regulators issued a ban

Then, all collapse in a few days. As of press time, the website is redirected to the official platform of it, all bitcoin tracks seem to have disappeared, including its search function. Earlier, there is such a warning on this page: “our website is currently offline, waiting for further instructions NT competition committee.”

In an e-mail in AustralianFinancialReview area, NTRC gaming regulators said, “it is going to issue a formal notice to all Gambling company and sports betting exchange operators, if they are currently using encryption currency (such as bitcoin transactions, etc., the etheric Fang) should immediately cease and terminate the transaction.”

No matter what the reason, the Australian government has local media called “a hostile stance” encryption currency, so far, for those who can be authorized, in line with international competition gambling institutions of the people, this is a limitation: radio advertising is limited to poker and other games. The enterprise of the similar email unresponsive, often lose the advantageous tax advantages, will also lose their license.

At the same time, Neds will continue to provide the use of legal currency bets for its online customers in australia.

Forbes: three rules for exploring bitcoin, block chain and encryption currency mania

Forbes: three rules for exploring bitcoin, block chain and encryption currency mania

Encryption currency (Cryptocurrency) the word four years ago was included in the Oxford English dictionary, and often appear in the cocktail party, golf courses and other places in the dialogue. With the digital currency imperceptibly become our daily topic of discussion, new supporters began to buy the currency and push up their price. In fact, digital currency like bitcoin using encryption technology to manage the new record, transfer of funds and operating outside the scope of the traditional banking system. But investors seem to be more concerned about the price fluctuations, rather than block chain is successfully changed the transfer of money of our economy in a way. This kind of fanaticism is more reminiscent of the BeanieBabies bubble, not Wall Street asset fad.

Many people enter the encryption currency market may depend on the strategy division, these people can predict which currency will flourish as well as the market price trend to. Unfortunately, those who claim to know the future claims often contradictory. At the same time, people’s greed and fear of missed opportunities will make the psychological blindly into the field. As a consultant, I encourage you to identify risks, a better understanding of digital currency, and carefully consider the so-called expert advice. To this end, I summarized the exploration of the 3 rules of encryption currency boom.

Risk identification

Before a decent return into temptation, we need to recognize, buy a digital currency at present is more like playing roulette gambling in Las Vegas, rather than investing in stocks, bonds or traditional currency. Although the future of encryption currency could completely change the traditional banking business, but has become the mainstream technology in the block chain before will be faced with many challenges. At present, buy the blockchain is purely speculative, which means that the price of the currency now reflects a herd mentality, rather than its intrinsic value. Like the BeanieBabies toy, if people pay attention to the transfer, so the currency prices may fall sharply.

To be honest, a lot of money itself has almost no intrinsic value. For example, the dollar is not other than the government issued currency is more valuable. But unlike blockchain currency, dollars to hundreds of years of economic strength and stability as the basis, so as to have the authority. Any encryption currency to achieve this level will experience a struggle, and will face more and more government interference (such as the IRS tracking) and hacker attacks and other problems. We should recognize that these variables will only increase the risk of price fluctuations.

Again, focus on Technology

We should focus on understanding the underlying technology again, and not just for a quick profit in the crypto currency platform specific to gambling. Block chain in the future application of this technology seems to have unlimited potential, has proved its value through the basic function to avoid the traditional banking, allowing the buyer and the seller exchange value in the absence of intermediate people who participated in the case. Although we have to rely on private banks and the central bank to control the currency, but the great depression and the recent revelations of fraud and other events have caused customers to lose confidence in the system. Although faced with many challenges, but this pattern clearly indicates that appear to the center of the transparent block chain.

In order to better understand the blockchain and related disorders, we analyzed the encryption currency can not only consider the price, but should be its ability to create actionable security platform and appropriate supervision, tax management and network security problem based on. In other words, we should pay more attention to the possible long-term success of the encryption currency, rather than short-term price highest currency. With the surge of ICO, many new money as a scam to enter the market, in order to quickly raise money easily, the trading system instead of creating a successful and lasting. Investors should consider the use of the new ETF block chain to enter the market, in order to reduce the platform risk and extensive contact with the chain block.

Do not superstitious expert

Every so-called experts have their own views on the future price of encryption currency. Unfortunately, these experts argument contradict each other, leaving some inconsistent and biased interpretation of information to people. For example, the chairman of JP Morgan and chief executive officer of JamieDimon said that people buy bitcoin is foolish. At the same time, the International Monetary Fund (ChristineLagarde) President Lagarde says it is unwise to ignore the virtual currency. We need to recognize that, although experts are very powerful, but no one can predict the future of encryption currency.

Investors should first create a global diversified portfolio, rather than worry about whether they should buy encryption currency. Do we accept I cannot predict the future of some asset. Our investment portfolio should reflect our goal, liquidity requirements, risk tolerance and time range, and not as in the case of Las Vegas once tried to win the bet. In the case of portfolio diversification, we can give the digital money in risky assets such as appropriate investment, so as not to endanger our financial situation in the investment facing the overall losses.

Diversified and long-term investment strategy can help us to suppress due to fear and greed impulse, this impulse will lead us to take unnecessary risks, and make a disastrous investment decision. Although encryption currency is very attractive, but we need to be aware of these risks, the renewed focus on the understanding of block chain technology, do not rely on the opinions of experts. No matter the blockchain is going to be the next BeanieBabies foam, or will change our economy, we should all take a deep breath, it was found that financial strength in the broader investment strategy, and do not become victims of crypto currency boom.

Another traditional investors confused to bitcoin

Another traditional investors confused to bitcoin

Bitcoin deep traditional investment field, the field of market leader also continued their stand, commercial wizards DennisGartman but stay away. Gartman still don’t understand the technology of currency, not so cold.

Gartman admits that appreciation block chain technology, bitcoin is quick money, but he will not touch.

The dream of gambling

Gartman said, let bitcoin price fluctuations become the hottest new product investment upset him.

“I believe it is the dream of gambling, but I’ll be far away from it, I have been away from it, never understand it, still do not understand”.

Gartman said, enjoy the bitcoin block chain technology brings, but the encryption currency volatility is too large, can not let him investment.

“I worry about that, one day, 10%, 15%, 5% wave 18% of what may be the price mechanism. Bitcoin price volatility is so big, how can you buy a house? How do you buy a car? How do you buy Starbucks with bitcoin?”

Alfa is no longer a soldier

The traditional asset investors continue to sound, become the new technology is no longer the experts have never met.

This dilemma seems to make them afraid, the billionaire investor, Oaktree capital (OaktreeCapitalGroup) Co President HowardMarks also like Gartman, say they don’t understand bitcoin.

VanEck, even from bitcoin, but also apply for exchange traded funds, investment bitcoin derivatives.

Is not as good as expected

Gartman bitcoin seems to understand only based on its capacity as currency, he said bitcoin is intended to than the dollar and the euro, but now has become impossible to calculate the currency.

“One day we will go in, it will end, and the end is bad”.

Tax loopholes found in UK cryptocurrencies

nRunaway Comment: Each country has its own different tax system, the tax standards are not the same. Recently, financial experts warned that there are major tax loopholes in the United Kingdom, the government will cause millions of tax losses. Because according to the British tax law, gambling income is not required to pay taxes. However, exactly how to define the proceeds of cryptocurrency investment is currently required by the government. But what is certain is that the randomness of some cryptocurrencies determines that this part of the investment income can be treated as gambling revenue. Therefore, the entire ecological tax issues need to be subdivided into studies, or rather complex processes. However, the market has experienced explosive growth in 2017, attracting more investment and at the same time enacting government rules and regulations in 2018 to keep pace.n
nTranslation: Annie_Xun
Each country has its own set of tax assessment and tax collection systems, some of which are tougher. One of the major problems that governments have to encrypt money is the difficulty of taxing the profits of the related transactions. Her Majesty’s Revenue and Customs learned a great lesson from it.n
Financial experts warn that a UK tax return could exploit a tax loophole that is free of tax on cryptocurrencies. It has been reported that this may result in millions of tax losses for the government.n
n
Gambling incomen
Last year, the capacity of cryptocurrency market rose by 2000%, HMRC expected to increase the number of profit returns on the tax returns. However, the tax officer sees much less than expected because tax loopholes expose the cryptocurrency profit to non-taxable gambling income.n
HMRC spokesman said:n
n”We generally do not tax gambling income, because usually it is not classified as transaction income, but in some cases factors such as skill levels and organization levels make the activity more taxable transaction revenue.” Each case will depend on In their own case. “n
nBarrister Etienne Wong commented that British regulations could confuse amateurs with investors because they do not know who is a gambler and who belongs to a taxable investor.n
n
Outdated policyn
Since 2014, the existing laws and regulations have not been updated, when the bitcoin value is still around 500 US dollars. If buying and selling cryptocurrencies is an investment, participants will have to pay capital gains tax. The basic tax rate of over £ 11,300 ($ 15,600) is 18%, while the high tax rate is 28%.n
Saffery Champness Certified Public Accountant Robert Langston said:n
n”It’s hard to know how profits from bitcoin, the mainstream cryptocurrency, can be treated as gambling revenues.It is conceivable that some cryptocurrency markets are random and therefore profits can be treated as gambling revenues.”n
nWhat is certain is that France and Germany want to further curb the cryptocurrency and these guidelines will soon be revised. If 2017 is a big bang in cryptocurrencies, then 2018 must be the time to regulate.n

Tax loopholes found in UK cryptocurrencies

nRunaway Comment: Each country has its own different tax system, the tax standards are not the same. Recently, financial experts warned that there are major tax loopholes in the United Kingdom, the government will cause millions of tax losses. Because according to the British tax law, gambling income is not required to pay taxes. However, exactly how to define the proceeds of cryptocurrency investment is currently required by the government. But what is certain is that the randomness of some cryptocurrencies determines that this part of the investment income can be treated as gambling revenue. Therefore, the entire ecological tax issues need to be subdivided into studies, or rather complex processes. However, the market has experienced explosive growth in 2017, attracting more investment and at the same time enacting government rules and regulations in 2018 to keep pace.n
nTranslation: Annie_Xun
Each country has its own set of tax assessment and tax collection systems, some of which are tougher. One of the major problems that governments have to encrypt money is the difficulty of taxing the profits of the related transactions. Her Majesty’s Revenue and Customs learned a great lesson from it.n
Financial experts warn that a UK tax return could exploit a tax loophole that is free of tax on cryptocurrencies. It has been reported that this may result in millions of tax losses for the government.n
n
Gambling incomen
Last year, the capacity of cryptocurrency market rose by 2000%, HMRC expected to increase the number of profit returns on the tax returns. However, the tax officer sees much less than expected because tax loopholes expose the cryptocurrency profit to non-taxable gambling income.n
HMRC spokesman said:n
n”We generally do not tax gambling income, because usually it is not classified as transaction income, but in some cases factors such as skill levels and organization levels make the activity more taxable transaction revenue.” Each case will depend on In their own case. “n
nBarrister Etienne Wong commented that British regulations could confuse amateurs with investors because they do not know who is a gambler and who belongs to a taxable investor.n
n
Outdated policyn
Since 2014, the existing laws and regulations have not been updated, when the bitcoin value is still around 500 US dollars. If buying and selling cryptocurrencies is an investment, participants will have to pay capital gains tax. The basic tax rate of over £ 11,300 ($ 15,600) is 18%, while the high tax rate is 28%.n
Saffery Champness Certified Public Accountant Robert Langston said:n
n”It’s hard to know how profits from bitcoin, the mainstream cryptocurrency, can be treated as gambling revenues.It is conceivable that some cryptocurrency markets are random and therefore profits can be treated as gambling revenues.”n
nWhat is certain is that France and Germany want to further curb the cryptocurrency and these guidelines will soon be revised. If 2017 is a big bang in cryptocurrencies, then 2018 must be the time to regulate.n

Malta accelerates the release of Bitcoin


nnnThe Malta Gaming Authority (MGA) has recently publicly stated that it plans to legitimize and regulate the use of digital currency such as Bitcoin in its gaming industry and will encourage effective management and enforcement while encouraging its use. The move also represents Malta’s desire to learn more about digital money and block-chain technology to maintain its competitive advantage and to seize the opportunity in technological innovation.n
nnTranslated by: Inan
nMalta has been a pioneer in Internet gambling and is rapidly advancing the plan to allow online casinos to legally use Bitcoin and other digital currencies.n
nJoseph Cuschieri, executive director of the Malta Gaming Authority (MGA), which oversees the country’s entity and online casino, said in an interview that the agency has begun detailed technical research to explore the best of legitimate and regulated digital currencies in the gaming industry How to use it.n
n”We believe that digital money and block chain technology are emerging innovations that need to be analyzed and evaluated for their potential risks and opportunities in the gaming sector,” he said.n
nCuschieri told CoinDesk:n
nn”We will publish the form of a digital money management framework after the risk assessment, and the MGA will show its position after announcing the results of the study and announce how to use the digital currency.”n
nnThe agency is expected to announce details of the findings in the fourth quarter of 2017.n
nn
nPlan onen
nJust before Cuschieri commented, the MGA had just released a white paper that showed that the legal supervision of its online gambling had to keep up with the pace of technology to achieve development.n
nOne of the conclusions of the report is that in order to maintain a competitive advantage, digital money should be accepted because the wider use and application of these technologies is inevitable.n
nThe report says:n
nn”The Authority recognizes that the rise of digital money is unavoidable and is aware of the need to remain at the forefront of innovation and to keep up with the new developments in technology and industry … The Authority is committed to allowing its licensees to use figures in the near future currency.”n
nnThe promotion of legal and normative digital money betting is only part of the Maltese government’s broader plan to develop a chain chain strategy and at the forefront of technology applications.n
nWhen the initial strategy was first announced in April, Prime Minister Joseph Muscat said:n
nn”In hugging key innovations, we have to go ahead, we can not wait for someone else to take action and copy their practices, and we’re going to be the object of imitation.”n
nnMalvio Schembri, Malta’s Minister of Digital Economy, told the local media this week that Malta is committed to introducing distributed book technology throughout the public sector and attracting block chain companies.n
nHe said:n
nn”We’ve heard a lot of chunks of chains, and now it’s time to put words into action, create new opportunities for citizens and the economy, and turning this vision into reality is my top priority.”n
nnn
nNeed to prevent fraudn
nHowever, the development of regulatory frameworks for rapidly evolving technologies requires a careful study of the effects of consumer protection and anti-money laundering and competitive pressures from other jurisdictions.n
nBitmalta is a local digital money advocate organization, praised the MGA initiative, but called on the agency to take prompt action to keep up with other countries to seek the pace of legalization of digital money.n
nThe organization said in a statement:n
nn”Other jurisdictions, such as the United Kingdom, have legislated to allow remote gamers to use digital money, unless they are willing to take up the technology.”n
nnCuschieri insists that while a key goal is to attract new operators and investments, it does not mean that he will welcome everyone.n
nHe said:n
nn”Our first priority is always the rule of law, and Malta does not welcome any country that does not meet our standards of correctness, regulation, anti-money laundering and consumer protection.”n
nnn
nExposed to the sunn
nSince the emergence of block-chain technology 10 years ago, Bitcoin and digital money casinos have been one of its main applications, but many of these entities operate in unregulated or underweight controls, raising concerns about lawless elements Use digital currency.n
nCuschieri argues that the most direct way to stop an illegal act is to expose the casino to the sun.n
nHe said:n
nn”We firmly believe that sound and effective regulation and enforcement is the best way to control gambling, prevent crime and protect players.”n
n”Prohibition or obstruction will only lead to underground activities and the black market behavior, which does not involve the best interests of participants and industry, it is best to establish a transparent regulatory system for the system to increase integrity and trust.n