2. 1. Cryptocurrency - a primer
2. A brief history of cryptocurrency
3. The bubble and why it burst
4. Current legal status
a. Consumer protection, ICOs and criminal law
b. ATO, SMSFs and tax reporting obligations
c. Estate planning and family law
5. The future of cryptocurrency
6. Q&A
OVERVIEW
4. From history to today
1980s
Ecash and
Digicash
1990’s
Proof of work
2008
Satoshi
Nakamoto
2011
New crypto
currencies
2016
Ethereum
debuts
2017
Crypto rise
2018
The “great
crypto crash”
2019
???
5. In the bleak midwinter...
2018
2017
2019---?
BitConnect
6. Consumer Protection?
Australian Competition and Consumer Commission and ASIC
● $6.1 million lost in 2018
● Difficult to track down
● Unclear enforcement
● Some hope for criminal prosecution
● Technology Assistance and Access
Bill 2018
7. Australian Tax Office
Personal?
Business?
CGT applies to
cryptocurrency-
cryptocurrency
transactions
“We’ve started
reviewing
cryptocurrency
records”
- ATO, 1 May 2019
2014-2020 Financial
years to be data
matched
No GST from
1 July 2017
But previous
transactions will
still attract GST
Genuine retirement directed
investment test?
Ensuring strategy and trust
deed allow investment?
Separate assets?
8. Estate Planning and Family Law
● Self executing
wills
● Kleiman v
Wright
● Deadline for
Craig Wright to
produce
transaction
records: 15 May
2019, 5PM EST
● Property
Settlements in
family law
● Continuous duty
of disclosure
● Cryptocurrency
to be included in
asset pool?
9. The Future of Crypto
Lightning Network New applications
Tokenization