Regulator in action: Australian crypto exchanges under the magnifying glass of the tax service
Date: 2024-05-07 Author: Oliver Abernathy Categories: IN WORLD
The Australian Taxation Office (ATO) is aggressively policing cryptocurrency exchanges, requiring them to provide data on 1.2 million customers. This is a new step towards combating tax evasion and under-declaration of income.
The ATO is calling on crypto exchanges to provide personal information about their users, including transaction history. The goal of this initiative is to detect those who evade taxes by not declaring their transactions in digital assets.
Tax liability
The regulator is concerned about the possible lack of awareness among users about tax obligations associated with cryptocurrencies, and intends to conduct a thorough analysis of all transactions to identify violations.
The growing popularity of cryptocurrencies
Digital assets have become increasingly popular among Australians in recent years. Over the past three years, the number of cryptocurrency users has grown by 63%, reflecting the growing interest in this type of investment in the country.
Australia occupies one of the leading places in the world in the number of crypto ATMs, exceeding a thousand devices. This indicates the widespread adoption of the cryptocurrency ecosystem in the country and the growing influence of digital assets on the financial industry.
