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Australia Tax Office (ATO) is preparing to take a significant step in the cryptocurrency market. This step aims to identify investors who avoid paying their tax obligations. According to recent news, ATO is making this move by requesting personal data and transaction details from 1.2 million accounts from crypto exchanges.
The Primary Goal of the Move is Tax Collection
According to a report published on Monday by the Australian Financial Review, as part of the audit effort announced by the ATO in April, crypto exchanges will be asked to provide the names, addresses, birth dates, and transaction details of investors. The main purpose of this step is seen as ensuring accuracy and transparency in tax payments, along with preventing tax evasion.
According to Reuters on Tuesday, the data obtained by the ATO will help identify investors who fail to report their activities with cryptocurrency when they sell crypto assets in exchange for currency or use them to pay for goods and services. This step can be considered as significant progress in ensuring tax compliance in the world of cryptocurrency. It also aims to provide more transparency and regulation in the sector.
A Consequence of Australia’s Pressure on the Crypto Sector
Australia’s pressure on the crypto industry has increased since the collapse of FTX. Lawsuits have been filed against companies for trying to sell tokens without proper licenses, banking partners have blocked payments to crypto exchanges, and a new licensing regime was proposed. This situation reflects the steps taken to regulate and control the cryptocurrency market in the country.
Last year, the ATO announced that the capital gains tax on crypto products also covered tokens used in decentralized lending protocols or token interactions. This shows that tax rules are continuously updated to adapt to the evolving technology related to cryptocurrency.
As the sector continues to grow, similar moves to prevent tax loss will be necessary for countries. However, this situation should not be seen as an obstacle in front of the sector.
