The Australian Taxation Office (ATO) has requested cryptocurrency exchanges to furnish personal information and transaction details for approximately 1.2 million accounts, as per Reuters reports. This initiative is part of the ATO’s surveillance campaign announced in April, aimed at enhancing compliance with capital gains tax obligations related to cryptocurrency transactions.
According to the Australian Financial Review, designated cryptocurrency exchanges are mandated to disclose traders’ names, addresses, birthdays, and transaction specifics to assist the ATO in auditing tax compliance. The collected data will aid in identifying individuals who have not reported their cryptocurrency activities, including transactions involving the exchange of crypto assets for fiat currency or payment for goods and services.
The ATO’s actions come amidst Australia’s intensified scrutiny of the crypto industry, particularly following the collapse of FTX. Regulatory measures include legal actions against unlicensed token sales, restrictions on banking payments to crypto exchanges, and the proposal of a new licensing framework for crypto exchanges.
Furthermore, in a clarification issued last year, the ATO affirmed that capital gains tax obligations apply to a wide range of crypto products, encompassing wrapped tokens and interactions with decentralised lending protocols.