Australia’s Tax Office Tells Crypto Exchanges to Hand Over Transaction Details of 1.2 Million Accounts: Reuters

The Australian tax authority will force cryptocurrency exchanges to provide personal and transaction information of 1.2 million traders.

The regulator is trying to crack down on people trying to avoid paying their tax liabilities.

According to reports, the Australian Taxation Office (ATO) has asked cryptocurrency exchanges to provide personal data and transaction details of up to 1.2 million accounts.

The Australian Financial Review reported on Monday: “As part of the oversight exercise announced in April, the ATO said its latest data collection protocol will require designated cryptocurrency exchanges to provide traders with names, addresses, birthdays and transaction details to help it audit compliance.” told. “There is an obligation to pay capital gains tax on sales.”

The ATO said the data would help identify traders who fail to report their cryptocurrency-related activities, including exchanging crypto assets when they sell them for money or use them to pay for goods and services, Reuters reported on Tuesday.

Australia’s crackdown on the crypto industry has become more pronounced since the collapse of FTX. It has sued companies for trying to sell tokens without proper licenses, its banking partners have blocked payments to cryptocurrency exchanges, and it has proposed a new licensing regime for crypto exchanges.

Last year the ATO announced that capital gains tax on crypto products also covers wrapped tokens or token interaction with decentralized lending protocols.

Read More: Australia Updates Capital Gains Tax Directive to Include Wrapped Tokens and DeFi