Crypto industry disappointed as Australia looks to enshrine tax rules

FILE PHOTO: Representations of cryptocurrency Bitcoin, Ethereum and Dash plunge into water in this illustration taken, May 23, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

SYDNEY (Reuters) - The cryptocurrency industry said on Wednesday it was disappointed with Australia's decision to continue treating digital currencies as assets for tax purposes, and not as foreign currency.

The government said in its budget announcement on Tuesday it would introduce legislation to enshrine the treatment of digital currencies such as Bitcoin as an asset.