Cryptocurrencies for Australian Business Visas (188 & 888 Visas) – ASIC released guidance on crypto-asset related investment products
Applicants for some of the Australian Business & Investment Visas will need to demonstrate assets ownership of a certain minimum value, source of funds, and/or the experience of management of eligible investments. We often get asked whether cryptocurrency-related assets or investments can be included for Australian Business & Investment Visas purposes. The short answer is “No”, as of the time of writing this article (9 November 2021).
Latest Developments in Cryptocurrency Space
The following are some of the latest developments in the cryptocurrency space:
- 15 October 2021: The United States Securities and Exchange Commission (SEC), approved the first-ever Bitcoin Futures ETF ;
- 20 October 2021: The Select Committee on Australia as a Technology and Financial Centre released its final report with 12 recommendations to regulate cryto and digital assets ;
- 29 October 2021: The Australian Securities & Investments Commission (ASIC) released guidance on crypto-asset related investment products ;
- 29 October 2021: The Australian Securities & Investments Commission (ASIC) approved the first-ever ‘spot’ Bitcoin ETF ;
- 03 November 2021: Commonwealth Bank of Australia (CBA) announced crypto services offering to customers .
Current Australia Business Visas Regulation & Policy in regard to Cryptocurrencies
Regulation 188.112 of the Migration Regulation 1994 excludes cryptocurrencies as an eligible investment.
Regulation 118.112 recognises the following as an eligible investment:
- An ownership interest in a business;
- Cash on deposit;
- Stocks or bonds;
- Real estate;
- Gold or silver bullion;
Furthermore, the Australian Department of Home Affairs’ policy for Business Visas explicitly states that digital currencies are to be excluded as a source of funds or assets for business visas. The following are some of the reasons behind this policy:
- Digital currencies are not legal tender;
- Anonymity of digital currencies makes traceability difficult;
- Digital currencies are not regulated by the Australian Securities & Investments Commission (ASIC).
As cryptocurrencies are gaining worldwide popularity and approaching USD3.0 trillion total market capitalization, ASIC, on 29 October 2021, released guidance on crypto-asset related investment products .
Will the ASIC’s latest guidance and the recent developments in the crypto-space pave the way for digital currencies acceptance for Australian Business & Investment Visas purposes? We don’t know but time will tell.
Want to become PR through Australian Business & Investment Visas Program?
Our team at Ausdirect Migration is extremely experienced in managing migration programs in relation to 188 Business Innovation and Investment Visas. We have successfully managed the 188A , 188B , 188C and 188E visas for large number of clients globally, especially in Asia which according to the statistics at Department of Home Affairs contributed to the majority of the 188 visa approvals.
We look forward to hearing from you and the opportunity to work with you along your immigration journey to Australia. We are confident to say our team has the best understanding and experience in the business and investment visa programs in Australia, and you can rest assured that we will set you on the right path. Our professional team will also assist you after your visa grant on your future business endeavours and investment activities.
Book a consultation with Ausdirect Migration today. Rest assured, we will assist you in navigating every step of the process during your migration journey through the Australian Business & Investment Visas Program.