Coinspeaker
Australian Taxation Office Demands Personal Data of 1.2M Crypto Traders from Exchanges

The Australian Taxation Office (ATO) has issued a directive to crypto exchanges, mandating them to submit personal data and transaction details of about 1.2 million accounts. This is according to a Reuters report, which details ATO’s latest move as part of a broader surveillance initiative announced last month. The surveillance effort is aimed at ensuring compliance with capital gains tax obligations on crypto-related activities.

As the Australian Financial Review revealed on Monday, ATO’s new data collection protocol requires designated cryptocurrency exchanges to bring forward names, addresses, birthdays, and transaction specifics of users of their platform. The office believes that this will help its bid to audit and pinpoint individuals who may have neglected to report their crypto transactions accurately. Per the report, such transactions would include conversions to fiat currency or even using crypto for payment...