ForexMinute.com – Australian Bitcoin Company CoinJar recently relocated their corporate headquarters to the UK, following the concerns related to Australia’s current tax treatment of digital currencies.
As described in the company’s official press statement, they were looking to operate in an environment that seems “progressive” for cryptocurrencies. Financial authorities in Australia recently issued guidelines that required users to pay a hefty 10% Good and Returns Tax (GST) when purchasing or selling Bitcoin. Fumed with the ruling, many Australian-based Bitcoin companies are looking to move their businesses offshore and CoinJar has just torched the movement.
The company’s CEO and co-founder Asher Tan explained how their customers will now be excused from paying the GST, and further recognized the UK as the haven for digital currency businesses. “We’re excited to be part of the progressive digital currency scene in London,” he said, “and we know we can play an important role in this market.”
He also described how this relocation might help CoinJar in expanding its operations throughout the world. “My co-founder [Ryan Zhou] and I felt the UK was most welcoming for our business,” said Tan. “The legislation has been one of the factors — there have been no added levies, such as VAT to bitcoin in the UK — but from really early on, we knew if we wanted to make a global product, we couldn’t just service Australian users. We wanted to be competitive globally.”
UK is currently VAT-free for cryptocurrency trading, meaning CoinJar won’t be required to pay any additional tax when it trades.
The company meanwhile will operate throughout Australia as well.
To contact the reporter of the story: Yashu Gola at email@example.com