ATO Targets 1.2 Million Crypto Accounts: Impact on Bitcoin (BTC) and Ethereum (ETH) Traders in Australia

• The Australian Taxation Office (ATO) is currently investigating an estimated 1.2 million cryptocurrency-related accounts for potential tax discrepancies.
• The aim of this exercise is to uncover unreported transactions involving crypto assets, as the Australian tax regime treats cryptocurrencies as assets, not as foreign currency.
• A recent treasury report reveals a significant increase in crypto asset transactions in Australia, with a notable spike of 63% in 2021.

The ATO is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies, aiming to uncover unreported transactions and ensure proper tax reporting in the growing crypto market.

ATO’s Investigation into Crypto-Related Accounts

The Australian Taxation Office (ATO) is currently investigating an estimated 1.2 million cryptocurrency-related accounts for potential tax discrepancies. This action comes amid increasing crypto awareness in the country, prompting the Australian authorities to examine personal data and transaction details from crypto exchanges.

Uncovering Unreported Transactions