Published on July 12th, 2018 | by bitcoin0
Deposit of the city of queens order over crypto acquisition by hypothecate Stock
An Australian retail bank has revised its contract terms to prohibit borrowers from using loans such as mortgages to purchase cryptocurrency.
As previously reported by CoinDesk, Austrac, the country’s financial intelligence agency, announced a new rule mandating know-your-customer measures across crypto exchanges in April of this year.
The Australia Taxation Office has also been seeking public feedback on how should best tax profits made from cryptocurrency trading.
Bank of Queensland’s decision also comes as most other lenders in Australia are discouraging borrowers from using real-estate mortgages to make high-risk investments.
“They are concerned because the Australian Taxation Office, Treasury, the Reserve Bank of Australia and Austrac are crawling all over it,” the broker was quoted as saying.