Australia Advises Treating Cryptocurrencies Like Any Asset

By September 18, 2018 No Comments

By Alex M. Parker · September 17, 2018, 7:10 PM EDT

Despite the complex and confounding issues involved in record-keeping for cryptocurrencies kept on decentralized online ledgers, the record-keeping obligations for taxpayers carrying them should be the same as those for any other asset, according to a consultation issued Monday by the Australian Taxation Office.

The office said it had discovered “low-cost software” that could aid companies and individuals who find compliance too tricky.

Cryptocurrencies have become enormously popular as Wall Street fascination with the nonphysical, nongovernment form of currency drove its prices to astronomical heights. Blockchain,…

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