Australian Tax Office Demands Account Data

The Australian Tax Office (ATO) has requested cryptocurrency exchanges to provide personal data and transaction details related to 1.2 million accounts. This initiative aims to help identify traders who have not reported their cryptocurrency activities.

Under the new data collection protocol, designated cryptocurrency exchanges must supply traders' names, addresses, dates of birth, and transaction details. This is intended to assist in auditing compliance with tax obligations, including the taxation of capital gains from cryptocurrency sales.

ATO emphasized that the collected data will help identify individuals who are evading taxation on their cryptocurrency operations, including exchanging for fiat currencies or using them for goods and services payments.

Since the collapse of FTX, actions against the cryptocurrency industry in Australia have become more noticeable. FTX was sued for attempting to sell tokens without proper licenses. Additionally, banking partners have blocked payments to cryptocurrency exchanges, and a new licensing regime has been proposed for these platforms.

This ATO initiative marks another step towards regulating and overseeing the cryptocurrency market in Australia.