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- ASIC open to a bitcoin-linked ETF listing on the ASX
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Under the circumstances in which Michael acquired and used the cryptocurrency, the cryptocurrency is a personal use asset. Peter has been regularly keeping cryptocurrency for over six months with the intention of selling at a favourable exchange rate. He has decided to buy some goods and services directly with some of his cryptocurrency.
Because Peter used the cryptocurrency as an investment, the cryptocurrency is not a personal use asset. During each of the same fortnights, he uses the cryptocurrency to enter directly into transactions to acquire computer games. Josh does not hold any other cryptocurrency. In one fortnight, Josh identifies a computer game that he wishes to acquire from an online retailer that doesn't accept the cryptocurrency. Josh uses an online payment gateway to acquire the game.
Under the circumstances in which Josh acquired and used the cryptocurrency, the cryptocurrency including the amount used through the online payment gateway is a personal use asset. You may be able to claim a capital loss if you lose your cryptocurrency private key or your cryptocurrency is stolen.
In this context, the issue is likely to be whether the cryptocurrency is lost, whether you have lost evidence of your ownership, or whether you have lost access to the cryptocurrency. Generally where an item can be replaced it is not lost. A lost private key can't be replaced. Therefore, to claim a capital loss you must be able to provide the following kinds of evidence:. A chain split refers to the situation where there are two or more competing versions of a blockchain. These competing versions share the same history up to the point where their core rules diverged.
If you hold cryptocurrency as an investment, and receive a new cryptocurrency as a result of a chain split such as Bitcoin Cash being received by Bitcoin holders , you do not derive ordinary income or make a capital gain at that time as a result of receiving the new cryptocurrency. If you hold the new cryptocurrency as an investment, you will make a capital gain when you dispose of it.
When working out your capital gain, the cost base of a new cryptocurrency received as a result of a chain split is zero. If you hold the new cryptocurrency as an investment for 12 months or more, you may be entitled to the CGT discount. Immediately after the chain split, Alex held 10 Bitcoin and 10 Bitcoin Cash. Alex does not derive ordinary income or make a capital gain as a result of the receipt.
Working out which cryptocurrency is the new asset received as a result of a chain split requires examination of the rights and relationships existing in each cryptocurrency you hold following the chain split. If one of the cryptocurrencies you hold as a result of the chain split has the same rights and relationships as the original cryptocurrency you held, then it will be a continuation of the original asset.
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The other cryptocurrency you hold as a result of the chain split will be a new asset. Bree held 60 Ether as an investment just before the chain split on 20 July Following the chain split, Bree held 60 Ether and 60 Ether Classic.
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The chain split resulted from a protocol change that invalidated the holding rights attached to approximately 12 million pre-split Ether. Ether Classic exists on the original blockchain, which rejected the protocol change and continued to recognise all of the holding rights that existed just before the chain split. Ether Classic is the continuation of the original asset. The Ether that Bree received as a result of the chain split is her new asset. The acquisition date of Bree's post-split Ether is 20 July Where none of the cryptocurrencies you hold following the chain split has the same rights and relationships as the original cryptocurrency you held, then the original asset may no longer exist.
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ASIC open to a bitcoin-linked ETF listing on the ASX
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You might be interested in. Afterpay finished down 4. It looms as a pivotal week for the bond market with the US Federal Reserve meeting on Wednesday and Thursday, while the Japanese and UK central banks were also announcing their interest rate decisions. ACY Securities chief markets analyst Alistair Schultz said investors appeared spooked at the prospect of excessive inflation and would be watching closely for cues on rate hikes.
Tech shares copped a flogging but the health care sector - another segment that did well during COVID - showed little sign of ailing. ASX healthcare stocks finished up 1. Information technology declined 1.
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Tech shares are copping a flogging but the health care sector - another segment of the local stockmarket that did well during COVID - is showing little sign of ailing today. The ASX healthcare sector is up 1.
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Leading the pack for health stocks is Biotech giant CSL, up 1. ASX healthcare stocks are surging on Monday. Credit: Bloomberg. Medical device manufacturer Fisher and Paykel is also soaring. The company is up 4. Cochlear is 0.
What is bitcoin trading?
Protective glovemaker Ansell jumped 2. Breathing apparatus maker ResMed is the most notable decliner of the index, down 0. Year to date, only tech stocks have fallen further, as a better-than-expected recovery from the pandemic drives bond yields higher and continues to drive a rotation out of high-growth tech pandemic winners.