Australia Sets Out to Improve Regulatory Framework for Bitcoin and Fintech

[btc_manager]

The Australian government has released a statement called ‘Response to The Productivity Commission Inquiry into Business Set-up, Transfer, and Closure’ detailing its plans to make changes to its regulations on blockchain and cryptocurrencies as well as creating a better working environment for fintech innovation in the country. These changes are now being implemented through the 2016/2017 national budget...

Read more Here:

https://btcmanager.com/australia-to-imp ... n-fintech/

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[Possum577]

Very interesting news!

Here's the official paper from the Australian Treasury:

http://treasury.gov.au/~/media/Treasury ... ponse.ashx

Biggest takeaways, Aus wants to...:
(1) Free Bitcoin from GST
(2) Eliminate the double taxation treatment
(3) Stress test blockchain uses

Pretty progressive, I'm not surprised! And this is much more substantial of a development than some Caribbean country thinking about making Bitcoin it's official currency (so it may continue to fund it's gambling industry).

[bitkilo]

I thought we had already dropped the double GST on bitcoins last year, maybe it was just talk.
Another couple of good links regarding bitcoin tax laws here in Australia:
https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

I haven't read this link yet but will have a look at it tonight:
https://www.gizmodo.com.au/2017/05/from ... australia/