photo sources Canva
Like many people I've been involved in Cryptocurrancy for quite some time and I've sat on the sidelines watching many a boom and bust, I've also had my own busts many of them. But that's the risk we take in the cryptoshphere and why it's important to remember never invest more than you're willing to lose.
One of the amazing things to watch unfold is the regulation mainly the noise coming from the US SEC and central banks. The noise has gone from "fake money" to "funding terrorism" and "destabilisation of world economies". Lately though the SEC seems to have lightend that talk and are looking at mainstream adoption.
Obviously if you've been following the Cryptocurrancy news their change in tone is due to major bankers and investors wanting in on the action. Good old middle America, don't want to miss out on the action.
But it leads me to focus in on shit coins, a phenomenon no different to anything. When cryptocurrancy launched mainly Bitcoin, not long after many others wanted in on the action and started developing their own shit coin. If you follow 
Everyone knew alot of these were just money traps, no real world application and it's what drew the eyes of regulators. Many just dwindled away to the wastelands except for Dodge.... don't hate me I'm sure many of you will never become millionairs HODLing but it's nice trying.
NFTs have now entered the market, a nice tax avoidance scheme. Allegedly NFTs aren't money and hold no financial value, it's an item which we have seen art mainly attached to them.
This creates a whole new industry, one built around tax avoidance, see if you remove the direct correlation of a financial amount from a token it no longer becomes a security. By adding or layering an item on it, it is the item you're now selling. Which means it is a product and different tax laws apply. This ensures your token can climb as high as it likes and it will never have to pay tax, only sales taxes. In Australia we have GST (Goods and Services Tax)
I don't even want to begin to think of the nightmare NFTs will cause Aussies, well not so much Aussie but the people selling them. Anything over $800 sold on the internet is subject to a 10% GST. It is upto the seller to pay that not to purchaser. This landed eBay into a bit of trouble a few years ago. NFTs are about to enter a whole new world as is Twitter.
If the Twitter CEO was an Aussie and received that $2.5m on the sale of his tweet he would be subjected to a 10% tax.
This leads me onto the next part of the post, NFT Shit Coins.
NFT Shit Coins Taco Bell
Taco Bell released a shit coin or more so a NFT. For what purpose other than cashing in on the craze? Some idiot paid $700 for one.
Top Shot recently released images of the 2021 basketball season, this I can understand as people collect sporting paraphernalia and it's always been of value. But really Taco Bell?
And yet regulators are no where to be found or even make a noise when mainstream companies release shit coins.
Aussie caution
As raised above, if you're an Aussie we have had a relatively easy tax approach to Cryptocurrancy. But be careful, if selling NFTs GST will apply and I think this tax will catch alot of Aussie out.