Following extensive customer engagement and feedback, we are changing our tax reporting service ahead of the 2021-2022 tax year end. We believe the changes will better assist customers to complete their crypto tax obligations faster and more accurately.

From 1st July 2022, BTC Markets tax reporting will no longer provide Estimated Taxable Event (estimated capital gains/loss or estimated taxable income) reporting, but will continue to provide wallet balance snapshots and transaction history data for each tax year.

Our customers are already able to integrate with most crypto tax tools. For BTC Markets customers looking to engage a paid crypto tax service to assist with their computations, we will be providing discount links to some of the most highly regarded tax professionals in market.

At BTC Markets, we only want the best for our customers; that includes always ensuring optimal tax reporting and support.

As the crypto market has continued to evolve, so too has the complexity of crypto tax requirements and our customer’s needs. That's why we think it's best to leave it to the tax professionals who can ensure your tax reports are complete, accurate and adhering to the latest tax legislation.

All customers will still be able to download transaction reports and year end wallet balance reports.

These changes will ensure you receive the most accurate crypto tax information. If you have any questions, please reach out to our 

Tax Reporting is Changing at BTC Markets

Aave

 is now available for trading on BTC Markets.

Aave is a decentralised finance protocol that allows people to lend and borrow crypto.

Lenders can earn interest on their crypto, while borrowers can put up their holdings as collateral in order to take out flash loans from a special liquidity pool.

It is built on the Ethereum blockchain and is a deflationary digital asset. Holders of the Aave token can also vote and decide on the outcome of Aave Improvement Proposals (AIPs).

Start trading Aave today! 

https://app.btcmarkets.net/buy-sell?market=AAVE-AUD

New Listing: Aave (AAVE)

The Australian Financial Review’s inaugural Cryptocurrency Summit will put cryptocurrency under scrutiny. In just over a decade, we have seen the evolution of cryptocurrency and blockchain technology as it transformed from a digital medium of exchange to a store of wealth, investment class, and more recently, a critical source of value. It is imperative that those of us in the industry share what we have learned with the wider community here in Australia.


Bitcoin—the original cryptocurrency—was created by the pseudonymous Satoshi Nakamoto as a way of exchanging money between two people without an intermediary. The advantages of this technology are its low costs, transparency, unchangeability, near-instant speed and security. While many around the world use bitcoin for transactions, it has also become a store of value and often referred to as ‘digital gold’. Since its invention, thousands of cryptocurrencies have been born, all underpinned by blockchain technology that serve a wide array of user needs. Many of which have formed this new and exciting asset class.


The power of cryptocurrency has become so much more, as evidenced in recent times during the war in Ukraine—a country that despite its economic hardships, ranked 4th in the world for cryptocurrency adoption. Recently, the Ukrainian government passed a law to create a legal framework for cryptocurrency. They were also on the receiving end of crypto donations totalling more than 70 million USD to fund humanitarian aid and the fight against the Russian invasion. The benefits of cryptocurrency have extended to civilians also; in light of the banks collapsing and the inability for civilians to withdraw money for basic needs, the sending of cryptocurrency by family and friends has proved a lifesaver.


On the other side of the coin is the question about more negative issues. These may include connections to money-laundering and sources of energy consumption. Criminals have used stores of value like the USD or artwork to profit from their crimes for many years. Cryptocurrency is similar except for one stark difference. Unlike the traditional banking system, cryptocurrency exists on a transparent blockchain. This means authorities can track and trace all transactions, forever. Using these analytical tools, Chainalysis found in 2021 that illicit cryptocurrency activity totalled just 0.15% of crypto transactions; this, despite the significant increase in usage.


Bitcoin mining energy consumption is an ongoing issue. When it comes to energy sources, we want our homes, and lifestyles, to be as clean and green as technologically possible. Akin to the introduction of unleaded petrol, the onus of responsibility at that time wasn’t placed on vehicle owners. Rather, it was for the energy sector to address. The cryptocurrency industry joins the voices of others in our community. We recognise that efficient renewable energy use will reduce the impact of carbon emissions while also reducing costs. In fact, we are already seeing powerhouse players taking steps towards making this happen: Exxon Mobil is trialling the use of excess natural gas that would otherwise be burned off from US oil wells to power cryptocurrency-mining operations—a key step as our industry matures and innovates towards bigger and better things.


With an eye to the future, last week Australia hosted Blockchain Week organised by peak industry body Blockchain Australia. Headlining the event were Senator Bragg and Minister Hume, both champions and proponents of cryptocurrency regulation in Australia. Minister Hume compared cryptocurrency to a new virtual frontier, similar to the Victorian Gold Rush of the mid-1800s. In her speech, she stated that our digital economy could add “2.6 percent to GDP and create around 200,000 new jobs by 2030.” The Minister followed up to say that Australia is open for business and leaning into the digital opportunity. This includes crafting a suitable regulatory regime that is risk-based, and technology neutral. Senator Bragg announced the Digital Services Act, a principles-based piece of legislation, regulated by a government minister. The Senator also addressed the complex issues of Decentralised Autonomous Organisations (DAOs) and a review of the Australian tax code to reflect the digital economy. These ambitious targets are essential to future proof our economy for growth.


BTC Markets has held, and continues to hold, consultations at the highest levels with Treasury as our country looks to solidify its place as a key international cryptocurrency hub. One that will allow entrepreneurs to flourish, jobs to grow, and our education sector to expand.


The future of cryptocurrency is no longer coming—it has arrived. We are witness to the Commonwealth Bank providing crypto trading to customers, ANZ creating an Australian Stablecoin, and institutional and retail trading going from strength-to-strength. We are excited to see what the future holds for this rapidly growing sunrise industry.

A Look At Crypto: AFR Cryptocurrency Summit 2022

The new BTC Markets app is here! Buy, sell & trade crypto on the go

The team at BTC Markets have been working hard to provide our customers with a mobile app to trade and manage their crypto portfolio on the go. We’re excited to announce that it’s finally here!

We wanted to ensure that when we released this, it echoed the speed and reliability of our desktop platform that is core to our exchange and that you as our customers rely on.

With the new BTC Markets mobile app, you’ll be able to trade crypto anytime, anywhere!

The BTC Markets app has a range of features, including:

Deposit AUD to your account instantly via Osko or through BPAY, or you can deposit crypto from external wallets to start trading cryptocurrency.

You can buy and sell cryptocurrency quickly and easily with our Simple Buy/Sell feature, or place more sophisticated orders with our Advanced settings, including:

Limit: Place a buy or sell order at a specific price.

Market: Buy or sell at the best available price.

Stop Limit: Place a buy or sell limit order once a specific price is met.

Keep track of cryptocurrency prices and market movements easily on the BTC Markets app and personalise which tokens you want to watch with our Watch list feature.

View your portfolio’s holdings, values, total equity, trade history, and buy/sell order status all in one easy view.

Enjoy easy and secure ongoing access to your account using PIN, or your device's inbuilt biometric security.

With BTC Markets, your account security is our top priority. The app has the same industry-recognised, best security standards that we implement on our web app, including SSO login with two-factor authentication (2FA), personal data encryption, internal control limits, and off-site cold wallet storage.

Two-factor authentication and rate limits

Building an app is a journey, and a continuous one at that. This means that although this is our first official release of the app, it doesn’t mean our work ends here. Your feedback is crucial and will influence the future direction of the apps design and functionality, while helping improve your experience and the experience of many others.

Please leave feedback via the "provide feedback" button on the accounts screen about what features you'd like to see, or report any issues you encounter.

Introducing: The BTC Markets Mobile App

The Sandbox

 is now available for trading on BTC Markets.

The Sandbox is an Ethereum-based gaming metaverse that enables users to create, sell, use, and monetise their own virtual reality NFTs. The Sandbox uses its native token SAND to underpin the in-game economy.

SAND can be earned through playing games and contests in The Sandbox or purchased on cryptocurrency exchanges.

By using the SAND token, The Sandbox promotes decentralised governance and allows users to share their views and ideas about the development of the project.

https://app.btcmarkets.net/buy-sell?market=SAND-AUD

New Listing: The Sandbox (SAND)

Decentraland

Decentraland (MANA) is a token built on the Ethereum blockchain that powers the Decentraland virtual reality platform. In this virtual world, users purchase plots of land using MANA that they can later navigate, build upon and monetise. MANA can also be used to pay for in-world goods and services.

Decentraland is one of the growing number of projects to use a decentralised autonomous organisation (DAO) structure for governance decisions. MANA holders control how the Decentraland metaverse behaves by proposing and voting on policy updates and the types of content that are allowed within the metaverse.

https://app.btcmarkets.net/buy-sell?market=MANA-AUD

BTC Markets Blog

Tax Reporting is Changing at BTC Markets

New Listing: Aave (AAVE)

A Look At Crypto: AFR Cryptocurrency Summit 2022

Introducing: The BTC Markets Mobile App

New Listing: The Sandbox (SAND)

New Listing: Decentraland (MANA)