Goods and Services Tax Act 1993 · 2020 Revised Edition · Part 1 · Preliminary
2A. Digital payment tokens
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Subject to subsections (2) and (3), a reference in this Act to a digital payment token is a reference to a digital representation of value that has all of the following characteristics:
it is expressed as a unit;
it is designed to be fungible;
it is not denominated in any currency, and is not pegged by its issuer to any currency;
it can be transferred, stored or traded electronically;
it is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, without any substantial restrictions on its use as consideration.
A reference in this Act to a digital payment token does not include any of the following:
money;
anything which, if supplied, would be an exempt supply under Part 1 of the Fourth Schedule for a reason other than being a supply of one or more digital representations of value having the characteristics mentioned in subsection (1);
anything which —
gives an entitlement to receive, or an entitlement to direct the supply of, goods or services from a specific person or persons; and
ceases to function as a medium of exchange after the entitlement has been used.
The Minister may, by order in the Gazette, do any of the following:
add to the characteristics, or modify or remove any characteristic, in subsection (1) of digital payment tokens for the purposes of this Act, whether generally or for specific circumstances;
add to the exclusions, or modify or remove any exclusion, in subsection (2).