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Australia targets personal data of 1.2 million crypto traders

By:
on May 7, 2024
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  • Australia's tax office wants exchanges to provide access to up to 1.2 million trader accounts.
  • The requirement is part of the regulatory crackdown on potential tax evasion by crypto users.
  • Australia has intensified its crypto regulation since the collapse of FTX.

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The Australian Taxation Office (ATO) has asked crypto exchanges in the country to hand over the personal data and transaction details of 1.2 million traders.

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ATO’s stringent requirement comes amid an increased interest in crypto across Australia, Reuters reported on May 7.

ATO asks exchanges to hand over account details

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The tax office’s demand for the details of targeted crypto accounts relates to a crackdown on potential tax evasion by cryptocurrency users. ATO issued a notice to this effect last month, noting that cooperation with exchanges will help identify potential tax evaders.

This will include those who haven’t reported on their crypto asset transactions, including when they sell for cash and use proceeds for goods and services.

Compliance will see exchanges provide information such as a traders’ names, contact addresses and date of birth. The tax watchdog will also require exchanges to hand over full transaction logs of the targeted accounts.

While crypto adoption in Australia remains on an upward trajectory, the regulatory crackdown on exchanges and other market players has increased since FTX’s implosion shook the broader market.

The tax office has in recent months taken legal actions against unlicensed crypto companies. Regulators have also outlined new licensing rules for crypto exchanges.

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