Australian Tax Office Obtains Personal Data And Transaction Details From Cryptocurrency Exchanges

According to Foresight News, the Australian Tax Office (ATO) has reportedly obtained personal data and transaction details of up to 1.2 million accounts from cryptocurrency exchanges. The personal data includes birth dates, phone numbers, social media accounts, bank accounts, wallet addresses, and token types among other transaction details. The ATO announced last month that this data will help identify traders who have failed to report cryptocurrency asset transactions, or when they sell cryptocurrency assets for currency and use it to pay for goods or services. Australia views digital currency as a tax asset, not foreign currency. This means that investors must pay capital gains tax on the profits from selling cryptocurrency assets and trading digital assets.