Crypto

The relative lack of adoption in advice isn’t particularly surprising given its volatile nature and the unregulated state of the digital asset sector. But that may be about to change.

Concerned by collapses of crypto platforms both here and abroad, the government has put forward a plan to bring digital asset platforms into the Australian Financial Services Licensing system.

Cryptocurrencies may take up most of the headlines, Invesco says, but the real investment potential lies in the technology and the trading platforms behind them – despite the shocking FTX blowup.

The collapse of the fifth largest cryptocurrency exchange, joining a growing list of crypto casualties this year, has raised serious doubts about the asset class. Observers say more rigorous oversight is coming.

Too much volatility and an uncertain regulatory outlook are the most common reasons for people to avoid Bitcoin, though Australia ranks higher than the UK, Italy, Germany, Canada and France in terms of optimism about the cryptocurrency, according to the 2022 Block Bitcoin Survey.

The Australian Taxation Office has warned people not to make the mistake of double-dipping their deductions in their tax return this year after identifying this as a common problem, especially in relation to work-related expenses.