A major crypto exchange boss and an investment expert have sounded the alarm over the impact of CGT changes on Australia’s 6.2 million digital currency investors.
They fear young Aussies, who make up the lion’s share of the nation’s crypto buyers and sellers, may take “extreme risks” in an attempt to offset the impact of higher capital gains taxes.
Crypto is already a volatile asset that requires a high appetite for risk, but the long game that many Aussie investors are playing will be punished under the new tax system that will push them towards making “dangerous” decisions, they warned.
They said the other risk is that they will be scared off investing in the asset altogether because of the increased tax burden and…
