Millions in Crypto Refunds Possible After Australian Court Ruling

A landmark court ruling in Australia could significantly impact how cryptocurrencies, including Bitcoin, are taxed. The case involved stolen Bitcoin, where a judge ruled that the cryptocurrency should be classified as money, potentially opening the door to billions of dollars in refunds for investors. The case challenged the existing Australian Taxation Office (ATO) framework, which currently classifies cryptocurrencies as assets, subject to capital gains tax on every transaction.