Australian Treasury seeks public comment on draft legislation related to foreign currency tax exemption for cryptocurrencies such as Bitcoin

The Australian Ministry of Finance issued a document "Clarifying that cryptocurrencies are not taxed as foreign currencies" to solicit public comments on the draft legislation related to foreign currency tax exemptions for cryptocurrencies such as Bitcoin. From Sept. 6 to Sept. 30, the public can share their views on the proposed legislation, which, if signed into law, would amend the existing definition of digital currency in the Goods and Services Tax (GST) Act – effectively While the legislation would narrowly exclude crypto assets from the definition of foreign currency, the legislation would not affect the taxation of capital gains on cryptocurrencies held as investments.