Australia anticipates billions in cryptocurrency tax fines

The Australian Taxation Office (ATO) is attempting to track down and seize the tax evaders and those looking for ways to escape cryptocurrency tax fines, thus expecting to collect billions in the process.

Australia has always had a progressive outlook on cryptocurrency regulations. In 2017, the country legalized cryptocurrency trading and exchange services, safeguarding the interests of the individuals and entrepreneurs involved in the industry.

However, this year, Bitcoin has witnessed an upswing as no other currency has. Thousands of cryptocurrency traders across the globe pocketed millions of dollars worth money as Bitcoin continued to gain strength for the most part of the year. Thus, in an attempt to identify potential tax evaders and scam artists, crypto-friendly countries like Australia are officially beginning their operation hunt down.

Australia shows there’s no escaping cryptocurrency tax

In its active pursuit of uncovering tax evasion activities, the Australian government is collaborating with cryptocurrency exchanges from within and outside the country to gain access to user information, thereby using this data to determine who is it raking in the big bucks while escaping the radar. By doing so, the government is putting the long-standing argument to rest that cryptocurrency transactions are not anonymous, after all, and can be tracked with the help of blockchain forensics and trading platforms. Read More...

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