Next Steps for Innovative Digital Asset Growth
The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and competitive economy.
Today we have released a Statement on Developing an Innovative Australian Digital Asset Industry to provide clarity and certainty to the digital assets sector.
This Statement makes it very clear to the entire digital asset industry that we welcome, encourage and want to foster more of your innovative ideas.
We know that digital assets and blockchain represent big opportunities for our economy, financial sector, payments industry and capital markets.
We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.
The Statement outlines the four key pillars of our approach to digital assets:
We’ve already made some good progress, working with stakeholders and the Australian Securities and Investments Commission (ASIC) to ensure the future framework is fit for purpose.
Today we have also released the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia.
The report concludes that the taxation of digital assets and transactions can already be accommodated under existing tax law and any uncertainty can be effectively managed by the Australian Taxation Office (ATO) providing additional guidance materials.
In response to the report, the ATO has agreed to form a bespoke and time‑limited crypto working group which will consult with the industry and tax professionals to develop a package of publicly available crypto tax advice.
Harnessing data and the digital economy forms part of our five pillar productivity agenda and we see digital assets playing a role.
We are taking action to ensure innovation can flourish and consumers are adequately protected.
Government response to the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia
Digital Assets – Crypto – Statement Q&A [PDF 501KB]
https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/next-steps-developing-innovative-digital-asset-industry