Australian tax regulators request customer data from crypto exchanges

Crypto regulations in Australia: Australia's tax authorities are intensifying efforts to ensure compliance among cryptocurrency users by requesting personal data and transaction details from crypto exchanges. Australian Taxation Office (ATO) has targeted up to 1.2 million accounts in its crackdown on potential tax evasion related to digital tokens, reflecting growing interest in this financial sector.

ATO's notice, issued recently, aims to identify trers who may have neglected to report ir crypto transactions or failed to disclose profits me from tring or using digital assets for payments. Recognising complexities of crypto industry, ATO acknowledges a genuine lack of awareness among users regarding ir tax obligations.

Furrmore, ATO warns that anonymity associated with purchasing crypto assets using falsified information can attract individuals seeking to eve taxes.

requested personal data includes various identifiers such as date of birth, phone numbers, and social media accounts, along with transaction specifics like bank accounts, wallet dresses, and of coins involved.

Australia classifies digital currencies as assets for tax purposes rar than foreign currency, subjecting investors to capital gains tax on profits generated from selling or tring digital assets.

popularity of crypto assets in Australia has surged in recent years, with a treasury report revealing significant growth in number of taxpayers engaging in digital asset transactions, particularly in 2021.

(With Reuters inputs)