Australia Crypto Research and News


#41

TLDR;

  • secured $830,000 in funding to develop the technology
  • Smart chips will be placed with produce in transit
  • An Internet of Things may be used to deliver the data into a blockchain.
  • South Korea has a growing economy that is already larger than Australia’s but it imports around 70 per cent of its food. South Korea is one of Australia’s largest customers.

Stay Fishy


#42

Australian Tax Office Cash Grab!

TLDR

  • ATO ‘can act like judge, jury, executioner’
  • unethical tactics including an “hour of power” in which tax collectors were instructed to seize funds from the bank accounts of taxpayers assessed to owe the tax office money, regardless of their personal circumstances.

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As the Australian Budget is soon to be released in early May (which attracts a lot of political finger pointing), there is strife amongst those whom submitted papers and recommendations that provide them with “ultimate power”. The ATO is one such entity, but there may be more over the coming weeks.

Stay Fishy


#43

Blockbid - a new CDA Exchange in Australia is launching.

Blockbid Exchange has announced that beta testing will officially launch on the 16th of April 2018. Litecoin (LTC) will be listed in phase 1 of beta. There will be free trading during Blockbid’s beta: no deposit fees, withdrawal fees, trading fees or transaction fees.

Blockbid will support mainstream fiat currencies for more diverse trading.

Blockbid is a registered digital currency Exchange operating in Australia that will be fully compliant with the AML/CTF guidelines outlined by AUSTRAC.

Stay Fishy


#44

Another new Record in Bitcoin trades in Australia.

If it helps put this into perspective, Australia has a population of 24,772,247 people.
Thus approximately $888 per person in just 24 hours.

Stay Fishy


#45

How Australia Is Becoming A Cryptocurrency Continent: Markets, Regulations And Plans

TLDR;

Australia may not be one of the biggest markets for Bitcoin (BTC) and other cryptocurrencies, but it is a growing one. As it stands, Australia is ranked 14th globally for BTC volume by currency.

To put that in perspective, Japan sits on top, with a 60 percent dominance.

On April 11, the Australian government, through the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced tangible plans to implement new rules on cryptocurrency exchanges. The major one being that: “Digital currency exchanges (DCE), with a business operation located in Australia must now register with AUSTRAC and meet the Government’s AML [anti money laundering]/CTF [counter terrorism financing] compliance and reporting obligations”

Blockbid, another Melbourne based exchange, became the third of these exchanges to gain an AUSTRAC license, but this comes before Blockbid’s upcoming Beta launch, furthering the company’s plans to hold a full-scale launch of Blockbid in 2019.

Australia followed Japan in declaring Bitcoin, and other cryptocurrencies, as legal tender. Japan’s move in declaring Bitcoin as legal tender came in March 2016, while Australia followed that precedent on July 1, 2017.

Guess which Fishy had a hand in that :smiley:

LEGAL TENDER!

Stay Fishy


#46

Hi all,

The Australian Tax Office has contacted me again for consultation around record keeping and cryptographic digital asset ledgers.

I spent the last 2 hours explaining the various different types of cryptographic digital assets, the differences between transactions on a public ledger, transactions on a private ledger and transactions performed in side-chain technologies and the various methods of record keeping.

Suffice to say, I think I confused them even more. I even tried explaining digital assets which have no intrinsic value as they have no method of of conversion to any recognised currency. Thus they would be equivalent to digital trading cards, where I trade a digital baseball card for a digital rugby card, neither of which has any real value until such time as it is bought and sold for a recognised currency or legal tender. Thus, how would I declare the value of the trade before it is sold to a legal tender?

The last part of the discussion was about: what is a digital asset.

Technically a Cryptokitty is a cryptographic digital asset, so is a book which can be downloaded in digital form over HTTPS, which would equate them to a property.

There is utility tokens that are consumed upon using a service, which would classify it for GST (Good and Services Taxes).

There is “Store of value” Digital Assets which could be equated to cash.

There is Digital Assets which are nothing more than computer generated 1’s and 0’s and have no intrinsic value until someone is prepared to pay for it. For example, storing stock images on a Blockchain for digital rights management and potential sale of the image. The image itself on the Blockchain has no value until such time as someone is willing to pay an amount for it. It was not purchased for any legal tender as it was a frame of light captured by a digital camera. The purchase of the digital camera is now equated to the value of the image taken?

It’s a nice twisted web we weave and was a thoroughly interesting conversation.

Formal announcements are due in early May.

Current announcement is here:

Stay Fishy


#47

Wow, you make such a good point! If cryptographic digital assets was named to something else let says digital chips, because it doesn’t have the word asset, coins or crypto will the ATO overlook it. I also remembered magic card the gathering had an extremely rare card that was initially worth a few cents but when they stop making them and the game became popular that card rosed to $8k. So yeah, if crypto was a trading card. Anyways keep up the good work!


#48

Novatti makes commercially astute blockchain move

TLDR;

Online payments processor Novatti Group (ASX: NOV) has made a commercially-astute move into blockchain payments by integrating its proprietary payments platform with the Stellar Network

Stay Fishy


#49

Global startup ecosystem report ranks Sydney as one of the most connected

TLDR;

Australia also took home accolades as a top five country for blockchain and artificial intelligence related patents, which in a statement, StartupAus chief executive Alex McCauley said was “international recognition of the powerful momentum within the sector[s]”.

In a statement, Jobs for NSW chair David Thodey said the report’s results shows Sydney is one of the best startup hubs in the APAC region, and a number of efforts from the state government and global tech giants have gone a long way towards improving the city’s status.

Stay Fishy


#50

Why doesn’t Australia have many ICO’s by Startups?

In Australia (especially NSW), the Government has a Startup initiative:

https://www.innovation.nsw.gov.au/whats-happening/grants-startups

Yup, out of the goodness of Australian Tax payers, funding for your startup is granted to you from the local Government, so no ICO is needed for most small project startups.

For promising Startups that are not yet generating revenue, Minimum Viable Product grants provide funding of up to 50 per cent of approved project costs to a maximum of $25,000 per project. This is intended to enable startups to obtain customer feedback and test their business model.

For Startups with revenue seeking to build their customer base and pilot their business models, Building Partnerships grants provide funding of up to 35 per cent of approved project costs to a maximum of $100,000 per project.

There is many small Startups using Blockchain and Artificial Intelligence software that are targeting specific industry sectors, doing so without needing any crowd funding and generally staying under the radar. On top of the Government funding, Microsoft Azure offers up to $250,000 Azure credits for the development and hosting of the software solution.

I am seeing several promising projects coming up in the near future that have remained under the radar through these funding opportunities.

Stay Fishy


#51

Sydney might be catching up to Perth then :wink:


#52

Yeah not many. I got into blockgrain and loki. They seem great to me.


#53

Compared to Singapore, it is left for dead.

10x times as much VC capital available in Singapore vs Australia.

Expat Australian, why would I set up a blockchain project in Australia and pay the tax rates plus 100K plus for an mid level developer?

Incorporate in Singapore, build tech in countries like Vietnam.


#54

My favourite two Australian based projects currently are PowerLedger (POWR) and Horizon State (HST).

A few other interesting projects like Canya (working product) but others have not meet the cut yet.


#55

I had a bit of a geez at that PowerLedger and im not so sure its viable. I mean too much infrastructure is required. Whilst i believe the actual idea has merit i think its real world application will stall. I would love to hear a counter argument however as i really am looking for homegrown project to sink something into.


#56

Ten Australian blockchain companies raising millions and disrupting industries

  • Havven — raised $38.6 million in March
  • Power Ledger — raised $34 million in October 2017 (now worth upwards of $60 million)
  • CanYa — raised $12 million in December 2017 (now worth ~$8.2 million)
  • Shping — raised $8.5 million in March (one to watch)
  • Chronobank — raised $6.8 million in February 2017 (now worth ~$120 million)
  • Intimate — raised $5.5 million this year
  • ShareRing — raised $3.8 million in March
  • BlockGrain — raised $3.5 million in April
  • Blockbid — raised $3.2 million in December (now worth ~$2.6 million)
  • Horizon State — raised $1.4 million in October 2017 (now worth ~$2.5 million)

For Power Ledger: Power Ledger to take virtual power plant to Japan

Stay Fishy


#57

Dawine investigates Blockchain technology to help validate authenticity of imported wines in China

TLDR;

The company is partnering with Shinetech, a China-based software developer, on the private Blockchain solution.

Shinetech is partly funding this work, which is expected to be integrated into Dawine’s existing platform and business model.

Dawine believes this technology will help producers, retailers and consumers in China to overcome the issue of non-genuine wine being sold there.

Stay Fishy


#58

iCandy to launch new Crypto Game powered by the Ethereum

Australia. 24 April 2018. iCandy to launch new Crypto Game powered by the Ethereum blockchain network. Highlights. • iCandy to launch new Crypto Game (Cryptant Crab) based off the success of the Company’s award winning game Crab Wars.

PFD Download here:
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC6w60zRiZqfRwke92GA%3D%3D

Stay Fishy (or Crabby)


#59

Should Australia use blockchain in delivering humanitarian aid?

TLDR;

Humanitarian aid agencies are criticised for shortcomings in responding to disasters, including uncoordinated and duplicated efforts on the ground and for not being able to meet the needs of every individual.

The UN is beginning to seek alternative ways to deliver aid in humanitarian contexts using blockchain. For example, one year ago the UN piloted its first blockchain program. The World Food Programme’s (WFP) Building Blocks program used blockchain to provide cash-based assistance to Syrian refugees. Monetary allowances were transferred to local suppliers near refugee camps using the Ethereum blockchain. Refugees could go directly to those suppliers to redeem their allowances.

Australia is investigating if blockchain technology and the WFP program can improve the delivery of aid to various locations.

Stay Fishy


#60

The ASX says its new blockchain platform will be ready by the end of 2020

https://www.businessinsider.com.au/asx-blockchain-distributed-ledger-technology-chess-replacement-2018-4

The ASX has released a consultation paper for the proposal to replace its CHESS system for clearing transactions to a blockchain platform based on distributed ledger technology (DLT).

ASX = Australian Stock Exchange

Stay Fishy