Bitcoin
Australian Taxation Office directs cryptocurrency exchanges to hand over transaction details of 1.2 million traders: Reuters
The Australian Taxation Office (ATO) has asked cryptocurrency exchanges to provide personal data and transaction details for up to 1.2 million accounts, according to reports.
Australian financial analysis reported on Monday that “as part of a surveillance effort announced in April, the ATO said its latest data collection protocol would require designated cryptocurrency exchanges to provide traders’ names, addresses, birthdays and transaction details to help it to audit compliance with capital payment obligations earns sales tax.
The ATO said the data would help identify traders who failed to report their cryptocurrency-related activities, including exchanging crypto assets when they sold them for currency or used them to pay for goods and services, Reuters reported on Tuesday.
Last year, the ACT clarified that its capital gains tax on crypto products also extends to wrapped tokens or the interaction of tokens with decentralized lending protocols.