The GST changes concerning cryptoassets are both significant and comprehensive. They will help reduce the uncertainty that has existed in this area for some time and will reduce market distortions.
Changes
• GST definition of “cryptoasset” amended to remove the general fungibility requirement
• “Non-fungible tokens” specifically defined and excluded from the definition of “cryptocurrency” for GST purposes
• Brokerage in respect of cryptocurrency GST exempt • Options over cryptocurrency GST exempt
• Futures to be subject to the financial arrangements rules, but options to be treated as excepted financial arrangements
Source PwC
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