Cryptocurrency in Australia remains uncertain, but in the future it can be friendly

Australia seeks to become one of the centers for the development of innovative blockade technologies and is a favorable and progressive jurisdiction.
Crypto currency in Australia is considered as one of the possible ways to make payments. Accordingly, the standard rules of taxation (corporate income tax and income tax), net of value added tax (VAT), are applied to transactions with crypto currency.
In August 2017, the Australian government introduced a bill to regulate the country’s crypto currency, but it is still under consideration by lawmakers. Moreover, the head of the Reserve Bank of Australia (RBA), Tony Richards, said that the Central Bank does not see the need for regulation of the crypto currency, since there are no visible problems in their turnover, and any attempts to resolve were called useless.

In the light of the financial scandal of August 2017 around the Commonwealth Bank of Australia, the Australian government decided to follow the example of Japan by tightening anti-laundering laws and introducing measures to regulate digital currencies. Prior to this, the authorities preferred to adhere to the policy of non-interference, but the lack of clear regulation presumably had negative consequences, because at the end of 2017, Australian crypto-currency brokers refused to deposit in Australian dollars. At the same time, the Australian Tax Service hinted at the possibility of future regulation of digital currencies.

On the other hand, among the members of the government there are supporters of the crypto currency, which in August last year advocated that the Reserve Bank of Australia accept crypto currency as a kind of money. Thus, further regulation of the Crypto-currency in Australia remains uncertain, but in the future it can be friendly.