The Australian government has released the terms of reference for an assessment of the taxation of digital transactions and assets such as cryptocurrency as part of its ongoing plan to embrace and regulate the digital asset sector.
Senator Andrew Bragg, who appeared on Startup Daily TV today, who headed the Senate Select Committee on Australia as a Technology and Financial Centre, said the review will aim to streamline and clarify taxation on digital assets rather than the overall tax burden. increase.
The council has been asked to complete its assessment by the end of 2022.
“There will be a broad overhaul of all crypto taxes because… there are multiple issues here,” Senator Bragg said.
“What we want is a system where Australia is a competitive place to do business – there is no incidental taxation. And we only tax real profits.”
Meanwhile, the federal government released a paper in late May asking for feedback from the industry on proposed new licensing and custody requirements for crypto assets. The paper also addresses the first phase of a broader token mapping exercise to be completed by the end of 2022.
The government is also releasing the terms of reference relating to its request for advice from the Council of Financial Regulators (CFR) on possible policy responses to address the issue of de-banking for financial technology companies, digital currency exchanges and money transfer providers.
The CFR has been asked to advise the government at the end of June 2022.
Further details about crypto asset licensing and custody is here.
Senator Bragg outlined his views and the state of play for crypto regulation today in the opening address at Blockchain Australia Week.
Speaking about the market licensing regime for crypto exchanges later in the day, Minister for the Digital Economy Jane Hume said it would be like the “healthy heart tick of approval” for crypto exchanges with an “Australia-made badge of approval”.
Senator Bragg was at the Startup Daily show today to walk us through the government proposal.
Click on the link below to listen to the interview.
You can visit the Startup Daily show at ausbiz.com.au every weekday from 2pm to 2:40pm for the latest technology and startup news.
If you can’t make it, you can always catch up on request what our guests had to say via the Australia Place. It’s free once you sign up.