At a recent fintech hub event, Scott Morrison was saying some very positive things about tax and regulatory treatment of bitcoin in Australia.
There is a new report released by the Australian government that explicitly states it will be a policy to remove the GST for cryptocurrencies, which is like a VAT, consumption tax:
There is a new report released by the Australian government that explicitly states it will be a policy to remove the GST for cryptocurrencies, which is like a VAT, consumption tax:
“Removing the ‘double taxation’ treatment for GST on digital currencies and applying adequate anti-money laundering and counter-terrorism financing rules may facilitate further developments or use in the future,
Instead of treating exchanges of bitcoin like it is a book or a stereo where you pay a sales tax, now it will be more viewed like gold or barter, so the exchange will not be taxed on top of the income.
If the global economic stagnation continues, more governments will likely seek to boost the economy with liberalizing regulations. It won't be politically popular to crack down on "fintech", of which bitcoin falls under the umbrella. In Europe, where the economic situation is far worse than Australia, there's a pretty lax attitude to bitcoin and crypto in general. The bigger problem for traders has been in America, where regulators are still very strict on the products which can be sold and who may trade them.
If the global economic stagnation continues, more governments will likely seek to boost the economy with liberalizing regulations. It won't be politically popular to crack down on "fintech", of which bitcoin falls under the umbrella. In Europe, where the economic situation is far worse than Australia, there's a pretty lax attitude to bitcoin and crypto in general. The bigger problem for traders has been in America, where regulators are still very strict on the products which can be sold and who may trade them.
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