The Australian Tax Office (ATO) is making moves to ensure people trading cryptocurrencies pay their taxes. They’ve asked crypto exchanges in the country to share details of over 1.2 million traders. This is because some users might be avoiding paying taxes they owe.
The ATO wants to know about the personal info and transactions of these traders to identify those who haven’t reported their crypto activities. Some traders try to avoid taxes by not reporting when they sell crypto or use it to buy things.
To tackle this issue, Australian regulators are cracking down on the crypto industry. They’ve sued companies and worked with banks to block payments to crypto exchanges. The ATO has also made it clear that taxes apply not just to buying and selling crypto, but also to activities like using decentralized lending protocols.
Source: Finance Magnates