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Newly proposed GST/HST rules for cryptocurrencies

On 17 May 2019, draft legislative changes were released that address the application of Canadian Goods & Services Tax/Harmonized Sales Tax (GST/HST) to cryptocurrencies. Specifically, the newly defined term ‘virtual payment instrument’ was introduced. The term applies to property that is a digital representation of value that functions as a medium of exchange and that only exists at a digital address on a publicly distributed ledger.

Source: BDO