The Australian Department of the Treasury plans to remove crypto assets from the list of foreign currencies

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The Australian Treasury Department invited the public to discuss the department's initiative to exclude cryptocurrency assets from the list of taxable foreign currencies.

Current cryptocurrency legislationAustralia and the lack of a unified position on the regulation of digital assets create uncertainty regarding the status of cryptocurrencies as an object of taxation.

The government of the country plans to reduce tominimize uncertainty and amend existing definitions of digital currency in income tax assessment and goods and services tax laws.

Representative of the Ministry of Finance andAustralian deregulation, Assistant Treasurer Stephen Jones called on the public to express their views by September 30 on the department's initiative to exclude cryptocurrency assets from the definition of foreign currency as an object for levying income tax and capital gains tax.

According to the regulator, clarification of the definitionwill eliminate different interpretations of terms and ensure compliance with tax requirements on the part of holders of crypto assets without changing the current tax regime.

Recently Australian Federal Police(AFP) reported the creation of a special cryptocurrency unit within the police, whose tasks will include combating money laundering and monitoring suspicious crypto transactions.