News / Article

Australia Will Recognize Bitcoin as Money and Protect Bitcoin Businesses, No Taxes

Source: https://cointelegraph.com/news/australia-will-recognize-bitcoin-as-money-and-protect-bitcoin-businesses-no-taxes - May 12, 2017

Bitcoin will be treated as money in Australia by July 1, 2017, and will be exempt from goods and services tax (GST). Bitcoin traders and investors will not be taxed for purchasing and selling Bitcoin through regulated exchanges and trading platforms.

Over the past two years, the Australian Bitcoin exchange market significantly fell behind growing markets such as South Korea, Japan and South Korea, that control more than half of the global Bitcoin exchange market share.

Two majors factors which drove startups, exchanges and businesses dealing with Bitcoin and other digital currencies in Australia away from the country where the termination of banking services by leading Australian banks due to their anti-competitive nature and the double taxation of Bitcoin trading by the Australian government.

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Category: General Business