Scott Morrison to scrap GST on Bitcoin, cut fintech red tape

“The power of fintech is not just to ensure that the ideas that are being formed at Stone Chalk finds its way as a vendor to a bigger purchaser, which will be a good pay day to you. 

“The government [wants] to see these new fintech tools being able to lubricate and drive the transition in our economy in ways that previously wasn’t possible. How successful will it be? Time will tell, but we’re not going to die wondering.”

At odds with other countries, the tax office in 2014 designated Bitcoin as an “intangible asset” rather than a currency, making it subject to GST. This has seen several Bitcoin start-ups leave Australia.

Laws going through parliament now to legalise equity crowdfunding have been criticised for being too onerous, for instance requiring start-ups to become unlisted public companies.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.