Australia promises to remove tax on Bitcoin

The Australian government announced today that Bitcoin and other digital currencies would no longer be subject to Goods and Services Tax (GST), and regulations would become more lenient to support startups and entrepreneurs in the country. Treasurer Scott Morrison noted in a detailed policy statement today that various new law proposals would see GST removed on Bitcoin, restrictions and tax barriers eased for venture capital investors, and a stronger focus on crowdfunding and peer-to-peer lending. While the news about removing GST on Bitcoin and other FinTech proposals have been confirmed, specific details are yet to be agreed upon.