Australian Taxation Office Tells Crypto Exchanges to Hand Over Transaction

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

The Australian Financial Review reported on Monday that “as part of a surveillance effort announced in April, the ATO said its latest data collection protocol would require designated cryptocurrency exchanges to provide the names, addresses, birthdays and transaction details of traders to help it audit compliance with obligations to pay capital gains tax on sales.”

The ATO said the data would help identify traders who failed to report their cryptocurrency-related activities, including the exchange of crypto assets when they sold it for currency or used it to pay for goods and services, Reuters reported on Tuesday.

Last year, the ATO clarified that its capital gains tax on crypto products also extends to wrapped tokens or token interaction with decentralized lending protocols.



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