Senate debates Bills

Treasury Laws Amendment (2022 Measures No. 4) Bill 2022; In Committee


Katy Gallagher

Katy Gallagher ACT, Australian Labor Party, Minister for the Public Service

6:04 pm

The digital currency space is constantly evolving. We are confident that the legislation is broad enough to capture the digital currency it needs to. However, having a regulation-making power allows us to quickly deal with unforeseen circumstances—for example, if a country adopts digital currency that may not be captured by the proposed definition. The policy for the legislation is clear: digital currencies are not foreign currency for tax purposes.

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