Footnotes
Chapter 1 - Introduction
[1]
Journals of the Senate, No. 59, 2 October 2014, pp. 1583–1584.
[2]
Journals of the Senate, No. 79, 2 March 2015, p. 2203.
[3]
Journals of the Senate, No. 59, 2 October 2014, pp. 1583–1584.
Chapter 2 - Overview and recent developments
[1] FATF, Virtual
Currencies—Key Definitions and Potential AML/CFT Risks, 2014, p. 4. http://www.fatfgafi.org/topics/methodsandtrends/documents/virtual-currency-definitions-aml-cft-risk.html;
see also Attorney General's Department, Submission 42, p. 5. The
objectives of the FATF are to set standards and promote effective
implementation of legal, regulatory and operational measures for combating
money laundering, terrorist financing and other related threats to the integrity
of the international financial system.
[2] FATF, Virtual
Currencies—Key Definitions and Potential AML/CFT Risks, 2014, p. 4. http://www.fatfgafi.org/topics/methodsandtrends/documents/virtual-currency-definitions-aml-cft-risk.html;
see also Attorney-General's Department, Submission 42, p. 6.
[3] FATF, Virtual
Currencies—Key Definitions and Potential AML/CFT Risks, 2014, p. 4. http://www.fatfgafi.org/topics/methodsandtrends/documents/virtual-currency-definitions-aml-cft-risk.html;
see also Attorney-General's Department, Submission 42, p. 6.
[4] FATF, Virtual
Currencies—Key Definitions and Potential AML/CFT Risks, 2014, p. 4. http://www.fatfgafi.org/topics/methodsandtrends/documents/virtual-currency-definitions-aml-cft-risk.html,
see also Attorney-General's Department, Submission 42, p. 6.
[5] FATF,
Virtual Currencies—Key Definitions and Potential AML/CFT Risks, 2014, p.
5. http://www.fatfgafi.org/topics/methodsandtrends/documents/virtual-currency-definitions-aml-cft-risk.html;
see also Attorney-General's Department, Submission 42, p. 6.
[6]
Satoshi Nakamoto, 'Bitcoin: A peer-to peer electronic cash system', https://bitcoin.org/bitcoin.pdf
(accessed 30 April 2015).
[7]
Robleh Ali, John Barrdear, Roger Clews and James Southgate, 'The
economics of digital currencies', Quarterly Bulletin, Q3 2014, Bank of
England, vol.54, no.3, p. 277. http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q302.pdf
(accessed 30 April 2015).
[8]
Robleh Ali, John Barrdear, Roger Clews and James Southgate, 'Innovations
in payment technologies and the emergence of digital currencies', Quarterly
Bulletin, Q3 2014, Bank of England, vol.54, no.3, p. 266. http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q301.pdf
(accessed 30 April 2015).
[9]
'Crypto-Currency Market Capitalizations', http://coinmarketcap.com/,
(accessed 30 April 2015).
[10]
Robleh Ali, John Barrdear, Roger Clews and James Southgate, 'Innovations
in payment technologies and the emergence of digital currencies', Quarterly
Bulletin, Q3 2014, Bank of England, vol.54, no.3, p. 266. http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q301.pdf
(accessed 30 April 2015).
[11]
Reserve Bank of Australia, Submission 19, p. 3.
[12]
Australian Taxation Office, 'Tax treatment of crypto-currencies in
Australia—specifically bitcoin', https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
(accessed 30 April 2015).
[13]
Australian Taxation Office, 'Tax treatment of crypto-currencies in
Australia—specifically bitcoin', https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/?page=1#Bitcoin_exchange_transactions
(accessed 30 April 2015).
[14]
Australian Taxation Office, Submission 8, pp. 3–4.
[15]
The Hon Joe Hockey, Treasurer of the Commonwealth of Australia, 'Time to
're:think' our tax system', media release, 30 March 2015, http://jbh.ministers.treasury.gov.au/media-release/021-2015/
(accessed 30 April 2015).
[16]
The Australian Government the Treasury, Re:think: Tax discussion paper:
Better tax system, better Australia, March 2015, p. 9, http://bettertax.gov.au/publications/discussion-paper/
(accessed 30 April 2015).
[17]
Inland Revenue Authority of Singapore, 'For GST-registered businesses:
e-Commerce', http://www.iras.gov.sg/irashome/page04.aspx?id=2276
(accessed 18 May 2015); Canada Revenue Agency, 'What should you know about
digital currency', 17 March 2015,
http://www.cra-arc.gc.ca/nwsrm/fctshts/2015/m03/fs150317-eng.html (accessed 30 April 2015).
[18]
HM Revenue and Customs, 'Policy paper: Revenue and Customs Brief 9
(2014): Bitcoin and other cryptocurrencies', 3 March 2014, https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies#vat-treatment-of-bitcoin-and-similar-cryptocurrencies
(accessed 30 April 2015); Law and Bitcoin, 'Bitcoin is Exempt from VAT in
Spain', 16 April 2015, http://lawandbitcoin.com/en/bitcoin-is-vat-exempt-in-spain/#vat
and bitcoin in europe (accessed 30 April 2015).
[19]
Australian Taxation Office, Submission 8, p. 5.
[20]
Australian Securities and Investments Commission, Submission 44, p.
31; Mr Michael Hardy, Australian Taxation Office, Committee Hansard, 4
March 2015, p. 16.
[21]
Reserve Bank of Australia, Submission 19, p. 9; Dr Anthony Richards, Reserve
Bank of Australia, Committee Hansard, 7 April 2015, p. 45.
[22]
Dr Anthony Richards, Reserve Bank of Australia, Committee Hansard,
7 April 2015, p. 45.
[23]
Australian Securities and Investments Commission, Submission 44, p.
11.
[24]
Australian Securities and Investments Commission, 'Virtual currencies:
Bitcoin and other virtual currencies', last updated 26 August 2014, https://www.moneysmart.gov.au/investing/investment-warnings/virtual-currencies
(accessed 30 April 2015).
[25]
Australian Securities and Investments Commission, 'Virtual currencies:
Bitcoin and other virtual currencies', last updated 26 August 2014, https://www.moneysmart.gov.au/investing/investment-warnings/virtual-currencies
(accessed 30 April 2015).
[26]
Parliamentary Joint Committee on Corporations and Financial Services, Statutory
Oversight of the Australian Securities and Investments Commission, the
Takeovers Panel and the Corporations Legislation Report No. 1 of the 44th
Parliament, November 2014, p. 25.
[27]
Parliamentary Joint Committee on Corporations and Financial Services,
Statutory Oversight of the Australian Securities and Investments Commission,
the Takeovers Panel and the Corporations Legislation Report No. 1 of the 44th
Parliament, November 2014, p. 26.
[28]
Australian Competition and Consumer Commission, 'Consumers', http://www.accc.gov.au/consumers; SCAMwatch,
www.scamwatch.gov.au (accessed 29 May 2015).
[29]
The Hon Joe Hockey, Treasurer of the Commonwealth of Australia, 'Financial
System Inquiry', media release, 20 December 2013. http://jbh.ministers.treasury.gov.au/media-release/037-2013/
(accessed 30 April 2015).
[30]
The Treasury, 'Financial System Inquiry Final Report', 7 December 2014, http://treasury.gov.au/ConsultationsandReviews/Consultations/2014/FSI-Final-Report
(accessed 30 April 2015).
[31]
The Australian Government the Treasury, Financial System Inquiry: Final
report, November 2014, p. 166.
[32]
HM Treasury, Digital currencies: response to the call for information,
March 2015, p. 19, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf
(accessed 30 April 2015).
[33]
Canadian Standing Senate Committee on Banking Trade and Commerce, Digital
Currency: You Can't Flip this Coin!, June 2015, p. 13. http://www.parl.gc.ca/Content/SEN/Committee/412/banc/rep/rep12jun15-e.pdf
(accessed 23 June 2015).
[34]
Singapore government, 'Virtual Currencies', http://www.mas.gov.sg/moneysense/understanding-financial-products/investments/consumer-alerts/virtual-currencies.aspx
(accessed 15 May 2015); Financial Consumer Agency of Canada, 'Virtual
currencies', http://www.fcac-acfc.gc.ca/Eng/forConsumers/topics/paymentOptions/Pages/Virtualc-Monnaies.aspx
(accessed 15 May 2015).
[35]
Attorney-General's Department, Submission 42, p. 10.
[36]
Attorney-General's Department, Submission 42, p. 11.
[37]
Australian Transaction Reports and Analysis Centre, AUSTRAC typologies
and case studies report 2014, 2014, p. 13.
[38]
Attorney-General's Department, 'Statutory Review of the Anti-Money
Laundering and Counter-Terrorism Financing Act 2006', http://www.ag.gov.au/consultations/pages/StatReviewAntiMoneyLaunderingCounterTerrorismFinActCth2006.aspx
(accessed 30 April 2015).
[39]
Attorney-General's Department, Submission 42, p. 17.
[40]
Parliamentary Joint Committee on Law Enforcement, 'Inquiry into Financial
Crime', https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Law_Enforcement/Financial_related_crime;
see for example AUSTRAC, Submission 10, pp. 20–21.
[41]
HM Treasury, Digital currencies: response to the call for information,
March 2015, p. 19, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/414040/digital_currencies_response_to_call_for_information_final_changes.pdf
(accessed 30 April 2015).
[42]
Financial Transactions and Reports Analysis Centre of Canada, 'FINTRAC
Advisory regarding Money Services Businesses dealing in virtual currency', 30
July 2014, http://www.fintrac-canafe.gc.ca/new-neuf/avs/2014-07-30-eng.asp
(accessed 15 May 2015).
[43]
Canadian Standing Senate Committee on Banking Trade and Commerce, Digital
Currency: You Can't Flip this Coin!, June 2015, p. 13. http://www.parl.gc.ca/Content/SEN/Committee/412/banc/rep/rep12jun15-e.pdf
(accessed 23 June 2015).
[44]
Monetary Authority of Singapore, 'MAS to Regulate Virtual Currency
Intermediaries for Money Laundering and Terrorist Financing Risks', media
release, 13 March 2014, http://www.mas.gov.sg/news-and-publications/media-releases/2014/mas-to-regulate-virtual-currency-intermediaries-for-money-laundering-and-terrorist-financing-risks.aspx
(accessed 15 May 2015).
[45]
Attorney-General's Department, Submission 42, p. 15.
[46]
Attorney-General's Department, Submission 42, p. 15.
Chapter 3
[1]
Australian Payments Clearing Association, Submission 43, p. 3.
[2]
The European Securities and Markets Authority, Call for evidence,
Investment using virtual currency or distributed ledger technology, 22
April 2015, paragraphs 34 and 35, http://www.esma.europa.eu/system/files/2015-532_call_for_evidence_on_virtual_currency_investment.pdf
(accessed 29 May 2015).
[3]
European Banking Authority, EBA Opinion on 'virtual currencies', EBA/Op/2014/08,
paragraphs 46 and 47, July 2014, https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
(accessed 29 May 2015).
[4]
European Banking Authority, EBA Opinion on 'virtual currencies', EBA/Op/2014/08,
paragraph 52, 4 July 2014, https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
(accessed 29 May 2015).
[5]
European Banking Authority, , EBA Opinion on 'virtual currencies',
EBA/Op/2014/08, paragraphs 53–59, 4 July 2014, https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
(accessed 29 May 2015).
[6]
Mr Christopher Hamilton, Australian Payments Clearing Association,
Committee Hansard, 7 April 2015, p. 1.
[7]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 1.
[8]
Mr Robert Vong, Submission 4, p. 1.
[9]
Mr Mark Pesce, 'Where the bank keeps your money safe', The Drum
(Australian Broadcasting Corporation), 15 July 2014, http://www.abc.net.au/news/2014-07-15/pesce-where-the-bank-keeps-your-money/5595664
(accessed 29 May 2015).
[10]
Chamber of Digital Commerce, Submission 37, p. 2.
[11]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 1.
[12]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 3.
[13]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 1.
[14]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7 April
2015, p. 18.
[15]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7 April
2015, p. 18.
[16]
Ms Rebecca Bryant, Committee Hansard, 7 April 2015, p. 30.
[17]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 3.
[18]
mHITs Limited, Submission 48, p. 12.
[19]
Dr Anthony Richards, Reserve Bank of Australia, Committee Hansard,
7 April 2015,
p. 45.
[20]
Tony Richards, Head of Payments Policy Department, 'The Way We Pay: Now
and in the Future', Speech to the Australian Savings & Deposits Conference
2014, Sydney, 4 June 2014, http://www.rba.gov.au/speeches/2014/sp-so-040614.html
(accessed 29 May 2015).
[21]
Dr Anthony Richards, Reserve Bank of Australia, Committee Hansard,
7 April 2015, p. 45.
[22]
Ms Rebecca Bryant, Department of Foreign Affairs and Trade, Committee
Hansard, 7 April 2015, p. 28.
[23]
Ms Rebecca Bryant, Department of Foreign Affairs and Trade, Committee
Hansard, 7 April 2015, p. 28.
[24]
Ripple Labs, Submission 21, p. 9.
[25]
Australian Federal Police, Submission 34, p. 3.
[26]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard, 4
March 2015, p. 15.
[27]
Australian Taxation Office, Submission 8, p. 7.
[28]
Finance Discipline Group, University of Technology, Sydney, Submission
7, p. [12].
[29]
Ripple Labs, Submission 21, p. 9.
[30]
Mr Adam Shapiro, Promontory Financial Group LLC, Committee Hansard,
26 November 2014, pp. 45–46.
[31]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 1.
[32]
Mr Christopher Hamilton, Australian Payments Clearing Association, Committee
Hansard, 7 April 2015, p. 10.
[33]
Ripple Labs, Submission 21, p. 3.
[34]
Mr Christopher Guzowski, ABA Technology, Committee Hansard, 26 November
2014, p. 24.
[35]
Attorney-General's Department, Submission 42, p. 8.
[36]
Australian Federal Police, Submission 34, p. 3.
[37]
Attorney-General's Department, Submission 42, pp. 6–7.
[38]
Attorney-General's Department, Submission 42, pp. 6–7; see also
FATF, Virtual Currencies—Key Definitions and Potential AML/CTF Risks,
June 2014, pp. 10.
[39]
Attorney-General's Department, Submission 42, p. 7.
[40]
Attorney-General's Department, Submission 42, p. 10.
[41]
Australian Federal Police, Submission 34, pp. 2–3.
[42]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, pp. 2–3;
Mr Chris Mountford, Submission 40, p. 4; Coinbase, Submission
41, p. 6.
[43]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, pp. 2–3.
[44]
Veda, Submission 20 , p. [1].
[45]
Dr John Moss, Australian Crime Commission, Committee Hansard, 4
March 2015, p. 13.
[46]
Dr John Moss, Australian Crime Commission, Committee Hansard, 4
March 2015, p. 13.
[47]
Dr John Moss, Australian Crime Commission, Committee Hansard, 4
March 2015, p. 13.
[48] Justice
and International Mission Unit, Synod of Victoria and Tasmania, Uniting Church
of Australia, Submission 30, pp.
9–12.
[49]
Mr Marcus Bezzi, ACCC, Committee Hansard, 7 April 2015, p. 35.
[50]
Mr Tony Alderman, Australian Federal Police, Committee Hansard, 4
March 2015, p. 9.
[51]
Centre for Internet Safety, Submission 29, p. 2.
[52]
Mr Jared Taggart, Australian Federal Police, Committee Hansard, 4
March 2015, p. 9.
[53]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 4.
[54]
Mr Hamish Hansford, Australian Crime Commission, Committee Hansard,
4 March 2015, p. 9.
Chapter 4
[1]
Australian Taxation Office, Submission 8, pp. 3–4.
[2]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard,
4 March 2015, p. 15.
[3]
Australian Taxation Office, Submission 8, p. 4.
[4]
Australian Taxation Office, Submission 8, p. 5.
[5]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard,
4 March 2015, p. 15.
[6]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard,
4 March 2015, p. 15.
[7]
Bitcoin Group Limited, Submission 38, p. [4].
[8]
Name withheld, Submission 11, p. [2].
[9]
Bitcoin Foundation and Bitcoin Association of Australia, Submission
13, p. 19.
[10]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard, 4
March 2015, p. 16.
[11]
Mr Andrew Sommer, Clayton Utz, Committee Hansard, 26 November,
2014, p. 10.
[12]
BitAwareAustralia, Submission 17, p. 15; Bitcoin Group Limited was
concerned that capital gains tax treatment, as well as the GST treatment of
digital currency, had slowed domestic adoption of the technology, Submission
38, p. [3].
[13]
Melbourne Bitcoin Technology Center, Submission 36, p. [2].
[14]
Name withheld, Submission 11, p. [2].
[15]
CoinJar, Submission 12, p. 8.
[16]
Mr Christopher Guzowski, ABA Technology, Committee Hansard, 26
November 2014, p. 23.
[17]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 4.
[18]
Professor Miranda Stewart and Mr Joel Emery, The Tax and Transfer Policy
Institute, Australian National University, Submission 23, p. 12.
[19]
Professor Miranda Stewart and Mr Joel Emery, The Tax and Transfer Policy
Institute, Australian National University, Submission 23, p. 13.
[20]
Professor Miranda Stewart and Mr Joel Emery, The Tax and Transfer Policy
Institute, Australian National University, Submission 23, p. 13.
[21]
Institute of Public Affairs, Submission 10, p. 6.
[22]
Mr Michael Hardy, Australian Taxation Office, Committee Hansard, 4
March 2015, p. 16.
[23]
Mr Christopher Guzowski, ABA Technology, Committee Hansard, 26
November 2014, p. 23.
[24]
BitAwareAustralia, Submission 17, p. 8.
[25]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7 April
2015, p. 12.
[26]
A New Tax System (Goods and Services Tax) Act 1999 - Sect 195.1.
[27]
Mr Andrew Sommer, Clayton Utz, Committee Hansard, 26 November 2014,
p. 11. See also Adroit Lawyers, Submission 39, p. 5.
[28]
Australian Taxation Office, Submission 8, p. 5.
[29]
Ms Kate Preston, Treasury, Committee Hansard, 4 March 2015, p. 17.
[30]
Australian Taxation Office, Submission 8, p. 5.
[31]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[32]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[33]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[34]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[35]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[36]
Ms Kate Preston, Treasury, Committee Hansard, 4 March 2015, pp.
17–18; Answers to questions on notice from a public hearing held in Canberra on
4 March 2015, received from the Australian Taxation Office on 19 March 2015, p.
[3].
[37]
Answers to questions on notice from a public hearing held in Canberra on 4
March 2015, received from the Australian Taxation Office on 19 March 2015, pp.
[3–4].
[38]
Ms Kate Preston, Treasury, Committee Hansard, 4 March 2015, pp.
17–18
[39]
See for example: Taxpayers Australia Limited, Submission 9, pp.
[2]–[6]; Name withheld, Submission 11, pp. [2]–[3].
[40]
The Tax Institute, Submission 16, p. 3.
[41]
Bitcoin Foundation and Bitcoin Association of Australia, Submission
13, p. 19.
[42]
Taxpayers Australia, Submission 9, p. [5].
[43]
Australian Digital Currency Commerce Association, Submission 15, p.
14.
[44]
Mr Andrew Sommer, Clayton Utz, Committee Hansard, 26 November,
2014, p. 12.
[45]
Professor Miranda Stewart and Mr Joel Emery, The Tax and Transfer Policy
Institute, Australian National University, Submission 23, p. 15.
[46]
Professor Miranda Stewart and Mr Joel Emery, The Tax and Transfer Policy Institute,
Australian National University, Submission 23, p. 15.
[47]
Ms Kate Preston, Treasury, Committee Hansard, 4 March 2015, p. 17.
Chapter 5
[1]
PayPal, Submission 45, p. 7.
[2]
CoinJar, Submission 12, p. 5.
[3]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 39.
[4]
Dr Rhys Bollen, Submission 46, p. 37.
[5]
Mr Chris Mountford, Submission 40, p. 7.
[6]
mHITs Limited, Submission 48, p. 14.
[7]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 5.
[8]
Chamber of Digital Commerce, Submission 37, p. 2.
[9]
Ripple Labs, Submission 21, p. 3.
[10]
PayPal, Submission 45, p. 9.
[11]
PayPal, Submission 45, p. 9.
[12]
Australian Securities and Investments Commission, Submission 44, p.
8.
[13]
Australian Securities and Investments Commission, Submission 44, p.
3.
[14]
Australian Securities and Investments Commission, Submission 44, p.
12.
[15]
Australian Securities and Investments Commission, Submission 44, p.
12.
[16]
Australian Securities and Investments Commission, Submission 44, p.
8.
[17]
CoinJar, Submission 12, p. 5.
[18]
Australian Securities and Investments Commission, Submission 44,
p. 21.
[19]
Australian Securities and Investments Commission, Submission 44,
pp. 8–9.
[20]
Australian Securities and Investments Commission, Submission 44, p.
21.
[21]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, pp. 39, 43.
[22]
Australian Securities and Investments Commission, Submission 44, p.
12.
[23]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 43.
[24]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 44.
[25]
Australian Securities and Investments Commission, Submission 44, p.
24.
[26]
Australian Securities and Investments Commission, Submission 44, p.
23.
[27]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 38.
[28]
Australian Securities and Investments Commission, Submission 44,
pp. 2–3.
[29]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 36.
[30]
Mr Marcus Bezzi, Australian Competition and Consumer Commission, Committee
Hansard, 7 April 2015, pp. 38, 43.
[31]
Mr Lucas Cullen, Bitcoin Brisbane, Committee Hansard, 26 November
2014, p. 18.
[32]
Name withheld, Submission 26, p. [3].
[33]
Australian Securities and Investments Commission, Submission 44, p.
12.
[34]
Australian Securities and Investments Commission, Submission 44, p.
15.
[35]
Australian Securities and Investments Commission, Submission 44,
pp. 15–16.
[36]
MasterCard, Submission 18, p. [1].
[37]
MasterCard, Submission 18, p. [2].
[38]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, p. 24.
[39]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 20.
[40]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 25.
[41]
Mr Christopher Hamilton, Australian Payments Clearing House, Committee
Hansard,
7 April 2015, p. 1.
[42]
The Australian Government the Treasury, Financial System Inquiry: Final
report, November 2014, p. 166.
[43]
Mr Christopher Hamilton, Australian Payments Clearing House, Committee
Hansard,
7 April 2015, p. 7.
[44]
MasterCard, Submission 18, p. [1].
[45]
The Australian Government the Treasury, Financial System Inquiry: Final
report, November 2014, p. 146.
[46]
The Australian Government the Treasury, Financial System Inquiry: Final
report, November 2014, p. 146.
[47] Mr Michael
Saadat, Australian
Securities and Investments Commission, Committee Hansard, 7 April 2015, p.
41. A low value non-cash payment facility is one where: a) the total amount
available for making payments by any one person does not exceed $1,000; b) the
total amount available for making payments by all persons who hold a facility
of that class does not exceed $10,000,000; and c) the facility is not a
component of another financial product; see ASIC, Submission 44, p. 16.
[48]
Mr Christopher Hamilton, Australian Payments Clearing House, Committee
Hansard,
7 April 2015, p. 2.
[49]
Mr Christopher Hamilton, Australian Payments Clearing House, Committee
Hansard,
7 April 2015, p. 6.
[50]
PayPal, Submission 45, p. 10.
[51]
Ripple Labs, Submission 8, p. 21.
[52]
The Australian Government the Treasury, Financial System Inquiry: Final
report, November 2014, p. 167.
[53]
Australian Securities and Investments Commission, Submission 44, p.
25.
[54]
Mr Michael Saadat, Australian Securities and Investments Commission,
Committee Hansard,
7 April 2015, p. 41.
[55]
Australian Securities and Investments Commission, Submission 44, p.
25.
[56]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 42.
[57]
Mr McAuliffe, Treasury, Committee Hansard, 4 March 2015, p. 23.
[58]
Australian Digital Currency Commerce Association, Submission 15, p.
3.
[59]
Mr Guzowski, ABA Technology, Committee Hansard, 26 November 2014,
p. 23.
[60]
Adroit Lawyers, Submission 39, p. 7.
[61]
Bitcoin Foundation and Bitcoin Association of Australia, Submission 13,
p. 11.
[62]
Ripple Labs, Submission 21, p. 13.
[63]
Ripple Labs, Submission 21, p. 13.
[64]
Mr McAuliffe, Treasury, Committee Hansard, 4 March 2015, p. 23.
[65]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 39.
[66]
Mr Michael Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 38.
[67]
Mr Saadat, Australian Securities and Investments Commission, Committee
Hansard,
7 April 2015, p. 38.
[68]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 6.
[69]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 6; see
also Mr Chris Mountford, Submission 40, pp. 4–7.
[70]
Australian Payments Clearing House, Submission 43, p. 3.
[71]
Mr Andreas Antonopoulos, Committee Hansard, 4 March 2015, p. 6.
[72]
The Finance Discipline Group, University of Technology, Sydney, Submission
7, p. [12].
[73]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015,
p. 21.
[74]
Mr Christopher Hamilton, Australian Payments Clearing House, Committee
Hansard,
7 April 2015, p. 2.
[75]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 23.
[76]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 20.
[77]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 22.
[78]
Mr Tony Pearson, Australian Bankers' Association, Committee Hansard,
7 April 2015, p. 22.
[79]
Mr Kendall, Australian Payments Clearing House, Committee Hansard,
7 April 2015, p. 8.
[80]
Ripple Labs, Submission 21, p. 13.
Chapter 6
[1]
The currently regulatory framework and the statutory review were
discussed in chapter 2.
[2]
Name withheld, Submission 2, p. [1].
[3]
Bitcoin Foundation and Bitcoin Association of Australia, Submission
13, p. 20.
[4]
Melbourne Bitcoin Technology Center, Submission 36, p. [2].
[5]
mHITs Limited, Submission 48, p. 12.
[6]
mHITs Limited, Submission 48, p. 14.
[7]
ASIC, Submission 44, p. 16.
[8]
Mr Marcus Bezzi, ACCC, Committee Hansard, 7 April 2015, p. 40.
[9]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7
April 2015, pp. 15–16.
[10]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, p. 26.
[11]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, p. 26.
[12]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, p. 22.
[13]
PayPal, Submission 45, p. 6.
[14]
Australian Bankers' Association, Submission 14, p. 3.
[15]
MasterCard, Submission 18, p. 3.
[16]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, p. 24.
[17]
Attorney-General's Department, Submission 42, p. 16.
[18]
Australian Bankers' Association, Submission 14, p. 3.
[19]
AUSTRAC, 'Part B of an AML/CTF program (customer due diligence
procedures)' http://www.austrac.gov.au/part-b-amlctf-program-customer-due-diligence-procedures#dvs
(access 21 May 2015).
[20]
Dr Sean Carmody, Westpac, Committee Hansard, 7 April 2015, pp. 23–24.
[21]
Veda, Submission 20, pp. [1]–[2].
[22]
Attorney-General's Department, 'Document Verification Service', https://www.ag.gov.au/RightsAndProtections/IdentitySecurity/Pages/DocumentVerificationService.aspx
(accessed 18 May 2015).
[23]
Document Verification Service, 'Businesses', http://www.dvs.gov.au/users/Pages/Businesses.aspx
(accessed 10 June 2015).
[24]
Veda, Submission 20, p. [2].
[25]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7 April
2015, p. 16.
[26]
Mr Jonathon Miller, Bit Trade Australia, Committee Hansard, 7 April
2015, p. 16.
[27]
Australian Digital Currency Commerce Association, Submission 15, p.
4.
[28]
Mr Daniel Mossop, Attorney-General's Department, Committee Hansard,
4 March 2015, p. 8.
[29]
Mr Daniel Mossop, Attorney-General's Department, Committee Hansard,
4 March 2015, p. 8.
[30]
Mr Daniel Mossop, Attorney-General's Department, Committee Hansard,
4 March 2015, p. 13.
[31]
Mr Daniel Mossop, Attorney-General's Department, Committee Hansard,
4 March 2015, p. 13.
[32]
Mr Daniel Mossop, Attorney General's Department, Committee Hansard,
4 March 2015,
pp. 8–9.
[33]
Ms Rebecca Bryant, Department of Foreign Affairs and Trade, Committee
Hansard, 7 April 2015, p. 29.
[34]
Ms Rebecca Bryant, Department of Foreign Affairs and Trade, Committee
Hansard, 7 April 2015, p. 29.
[35]
Justice and International Mission Unit, Synod of Victoria and Tasmania,
Uniting Church of Australia, Submission 30, p. 3.
[36]
Ms Jane Atkins, Australian Transaction Reports and Analysis Centre, Committee
Hansard,
7 April 2015, p. 57.
[37]
Ms Jane Atkins, Australian Transaction Reports and Analysis Centre, Committee
Hansard,
7 April 2015, p. 57.
[38]
Ms Jane Atkins, Australian Transaction Reports and Analysis Centre, Committee
Hansard,
7 April 2015, p. 52.
[39]
Ms Jane Atkins, Australian Transaction Reports and Analysis Centre, Committee
Hansard,
7 April 2015, pp. 56–57.
[40]
Mr Daniel Mossop, Attorney General's Department, Committee Hansard,
4 March 2015, p. 9.
[41]
Australian Digital Currency Commerce Association, Submission 15, p.
14.
[42]
Bitcoin Group Limited, Submission 38, p. [2].
[43]
Attorney-General's Department, Submission 42, p. 17.
[44]
Attorney-General's Department, Submission 42, p. 10; see chapter 2
of this report.