Townsville Bulletin

Crypto tax shake-up on cards


AUSTRALIA’S tax rules should be made more friendly for the likes of bitcoin, while digital currency exchanges could face tougher regulation under recommenda­tions handed down by a parliament­ary inquiry into the cryptocurr­ency industry.

The Senate committee has also recommende­d the government offer businesses that mine cryptocurr­ency in Australia a company tax discount of 10 per cent if they source their own renewable energy.

The recommenda­tions, tabled to parliament on Wednesday, would lead to higher adoption and sensible regulation of crypto, according to the committee’s chair, Liberal senator Andrew Bragg, who said he would push for the mooted regulation­s to be adopted as official policy.

The move comes as bitcoin prices have been rallying, nearing all time highs set early this year. The digital currency rose to as much as $US64,309.33 ($85,798) overnight before pulling back.

New figures from Finder show Australia has the thirdhighe­st rate of crypto adoption in the world, with about 18 per cent of the population owning some form of cryptocurr­ency including bitcoin.

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