Key Takeaways
- Australian Tax Office seeks data from 1.2M Bitcoin exchange users.
- Canada is investigating over 400 accounts for unpaid taxes totaling $39.5 million.
- Turkey and the U.S. are drafting new regulations for Bitcoin taxes.
The Australian Tax Office (ATO) is seeking personal and transaction data from up to 1.2 million cryptocurrency exchange users to identify those who haven’t fulfilled their tax obligations.
An official notice detailed that the data collection will include personal information like date of birth, social media accounts, and wallet addresses.
Focus on taxable assets
In Australia, Bitcoin and other digital assets are classified as taxable property, not foreign currencies.
This means traders are subject to a capital gains tax on their Bitcoin sales.
The ATO aims to address a lack of awareness about tax responsibilities in the digital asset market.
Global tax crackdown intensifies
Other countries are also ramping up efforts to enforce Bitcoin tax compliance.
Canada’s tax agency is auditing over 400 Bitcoin-related accounts, seeking approximately $39.5 million in unpaid taxes.
Meanwhile, Turkey and the United States are advancing their own legislation and proposals to regulate Bitcoin taxation.
