Aussie Crypto Traders Expect Tax Crackdown Ahead of New Regulations

With Australia set to introduce new legislation that will empower authorities to monitor and regulate the activities of cryptocurrency traders, many analysts are anticipating that the country’s bitcoin investors will face a crackdown from the the country’s tax office.

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Australia to Expand Regulatory Domain Over Cryptocurrency Traders
Australia’s new cryptocurrency regulations will see anti-money laundering legislation extended in order to greater encompass the challenges posed by virtual currencies. Analysts are expecting that the Australian Tax Office (ATO) will launch a crackdown on Australian cryptocurrency traders once the new rules are in effect.

Will Day, the ATO deputy commissioner, has stated that the extension of Australia’s anti-money laundering and counter-terrorism financing rules will result in “increased transparency” with regards to the operations of cryptocurrency traders. Cryptocurrency investors will face compulsory 100-point identification checks, with the ATO also planning to mobilize data-matching techniques in order to monitor the operations of traders under the new rules.

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