Can you trade crypto in Australia? Crypto-assets were first developed as a digital form of currency, to be used as money. Some stores accept crypto as payment for goods and services, and some ATMs let you withdraw it as physical money. However, crypto is not legal tender in Australia and is not widely accepted as payment.
Is crypto regulated in Australia? Australia’s financial regulator set a tentative goal of 2025 for its framework to be effective, in a letter by Chair Wayne Byres on Thursday. To this end, APRA plans to conduct consultations on requirements for the financial treatment of crypto-assets, expected to be undertaken in 2023.
Is cryptocurrency taxable in Australia? You’re not taxed when you buy cryptocurrency in Australia. Crypto is also GST-free. However, keeping accurate records of the purchase is very important so that you can calculate the cost basis of the transaction when you decide to sell or ‘dispose’ of your crypto – as that is the moment when you will have to pay tax.
Can the ATO track cryptocurrency? The ATO has made it clear that they can and do track crypto. They’ve also made it clear that if you’ve sold, traded or earned cryptocurrency you need to report that in your annual income tax return.