Australia and Canada Target 1.2M Crypto Accounts in Tax Evasion Crackdown

May 7, 2024, 06:00 AM

The Australian Taxation Office (ATO) is intensifying its efforts to combat tax evasion among cryptocurrency traders. It has mandated that cryptocurrency exchanges provide personal and transaction details for approximately 1.2 million accounts. This move comes as part of a broader crackdown on unpaid taxes in the digital currency sector, targeting millions in unpaid taxes. The ATO's actions align with similar measures by the Canada Revenue Agency (CRA), which is also investigating hundreds of traders.