Australia targets crypto exchanges to hand over tax data on 1.2m users

Summary of Cryptocurrency Regulation in Australia:

Australia’s tax office is targeting up to 1.2 million users, seeking personal data and transaction details from crypto exchanges to combat potential tax evasion. Crypto investors in Australia are required to pay capital gains tax on profits from trading or selling crypto assets, with a 50% discount available for assets held for over 12 months. The tax agency is also working on a global framework, the Crypto-Asset Reporting Framework (CARF), to standardize cryptocurrency taxation worldwide.

Australia Targeting Crypto Investors:

Australia is targeting over a million crypto investors, seeking their personal data and transaction details from exchanges to crackdown on tax evasion. The tax office is focusing on accounts that may be using fake information to avoid tax obligations, with scrutiny on personal details, transaction particulars, and types of cryptocurrencies held by individuals.

International Efforts for Crypto Regulation:

Australia recently signed an agreement with Indonesia to establish a crypto information-sharing framework, aiming to identify assets that may be taxed in both countries. Additionally, Australia is collaborating with other nations to develop the Crypto-Asset Reporting Framework (CARF) to enhance automatic information sharing on crypto transactions globally, towards a standardized approach to cryptocurrency taxation.

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