Australia Tax Office Unveils Stricter Regulations For Crypto Exchanges: Report
Highlights
- Australian Tax Office seeks to obtain client data from cryptocurrency exchanges.
- This decision by the regulator comes as an effort to curb tax evasion.
- A closer look into what the data will encompass.
In an unprecedented twist witnessed within the crypto landscape, Australia’s tax office has recently initiated a process to obtain personal data and transaction details of up to 1.2 million accounts from cryptocurrency exchanges in Australia. Coming as a decision to curb tax evasion nationwide, this move has caused a stir in the Australian crypto community.
ATO Seeks To Curb Tax Evasion Amid Rising Crypto Adoption
The ATO’s heightened scrutiny of individuals evading taxes amid the burgeoning adoption of cryptocurrencies reflects the global challenge of adapting to this new form of currency. In an official statement released last month, the ATO proclaimed that the data acquired would offer substantial aid in pinpointing traders who dodged reporting the exchange of crypto assets or when they sold it for currency and used it to pay for goods or services.
In context, the ability to purchase crypto by providing false information about oneself potentially makes it more attractive to those seeking to evade taxes, the ATO justifies. This can lead to a lack of awareness surrounding tax obligations, concerning which the regulatory body seeks to acquire the colossal sum of data mentioned above.
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What’s The Scoop?
Notably, the ATO aims to acquire personal data and transactional details encompassing the date of birth, phone numbers, social media accounts, bank accounts, wallet addresses, and the type of coin held. This sets the stage apart from other global regulators, as the nation treats crypto as assets for tax purposes, not as foreign currency.
Further, this decision could also bring about a paradigm shift in the Australian crypto landscape, as investors may now be required to pay capital gain taxes on profits earned from selling crypto or crypto trading. While an official announcement regarding the imposition of this is yet to be revealed, the ATO’s intentions are clear.
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