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The Australian Budget For 2022 States That Digital Assets Won't Be Subject To Foreign Currency Taxes

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In its 2022 budget released Tuesday, the Australian government clarified that cryptocurrencies would continue to be taxed as an asset class instead of a foreign currency. 

It means cryptocurrency transactions are subject to capital gains tax where a profit for the year was made and if done through centralized exchanges.

According to Forkast, Jonathon Miller, Australian head of the U.S.-based cryptocurrency exchange Kraken sent them an email. He said it is the first time crypto has been recognized in the budget and is emblematic of the widespread recognition that cryptocurrencies are certainly a component of the future financial system.

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