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No Tax For BTC In Australia

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Nov 29, 2022
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4 min read
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Australia has made a giant leap if we talk about crypto adoption. In our previous articles we have already told you about the regulation of cryptocurrencies and their future in this country. If you are interested to know more about taxes and the most preferred coins of Aussies, make sure to read this article.  

Bitcoin (BTC) in Australia has a status of a digital asset, and retaining its status at the legislative level requires paying capital gains tax. The government has previously considered a possible ban on crypto assets in terms of high risks due to high volatility. But in early 2022, it was decided to abandon the ban. According to research, more than 4 million Australians own cryptocurrencies as an investment asset and 61% of them have BTC.

Most likely the Australian government is not worried about the possibility of losing control over cryptocurrency markets at this stage. It is concerned about crypto investors evading taxes along with the possible withdrawal of earnings into offshore jurisdictions or countries with minimal taxation. Also fraudulent activity and theft of investors’ assets is still an actual problem.

The measures taken by the Australian government at this time will clarify the activities of the Bitcoin related business through strict legal regulation of BTC as a digital asset.

Australian regulators are also considering including stablecoins in non-cash payments, as well as launching a stablecoin pegged to the Australian dollar. Various crypto companies and exchanges will face competitive conditions to develop in this country.

In order not to be unfounded, let's take a look at a couple of cases where crypto is already actively used by the average citizens:

  • On The Run - a major Australian network of gas stations and 24-hour roadside markets. Together with Crypto.com exchange have launched the possibility of receiving payment from customers in cryptocurrency.
  • Datamesh is a manufacturer of payment systems. It has a special terminal for the On The Run network, which allows to accept payments in more than 30 cryptocurrencies.

Australia is moving forward and is trying to develop the financial sector as efficiently as possible. Of course, the government has its own motives, but this does not prevent crypto enthusiasts from buying coins and using cryptocurrencies in the country. We hope that Australians will continue to contribute to the crypto industry and launch more crypto based businesses so that the adoption will get to the next level. 

Wonder what is going on in the Australian Crypto World, want to learn more about the most successful coins? Read our article. We’ve talked about Powerledger, Haven Protocol, Emanate and more titles worth your attention. 

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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