Scott Morrison scraps GST on Bitcoin, cuts fintech red tape

Treasurer Scott Morrison said digital currencies such as Bitcoin will be exempt from GST and restrictions on crowdfunding eased, under changes to boost the fintech sector.

The government will also reduce tax barriers for venture capital investing in fintech companies and is working with the corporate regulator on a “regulatory sandbox” for start-ups that will allow them to focus on developing new products first and regulatory requirements later.

Other measures include tasking the Productivity Commission with deciding whether major banks should be forced to share customers’ repayments data with credit bureaus and creating a new “entrepreneur’s visa”, which was announced in December. Digital currency Bitcoin will be exempt from GST under new changes to boost the fintech sector.

“We will ensure access to concessional tax treatments for venture capital investments in fintech firms, will take action to prevent the double taxation of digital currencies – we won’t be taxing digital currencies,” Treasurer Scott Morrison said on Monday.

Source: Scott Morrison scraps GST on Bitcoin, cuts fintech red tape