Crypto investors in Australia were ordered to open their books to regulators or risk facing charges, Markets Insider reported.
- The ATO will go after some 400,000 investors this year to report their profits and losses made in crypto.
- Australia classifies crypto as an asset, and applies taxes to every transaction involved in trading, or purchase or swap non-fungible tokens.
- The government has been able to go after investors by reviewing their tax return details provided by exchanges and other financial institutions.
- “There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules,” Assistant Commissioner Tim Loh said.
BTC/USD is down 7.22%; ETH/USD is down 8.46%; XRP/USD is down 10.84%; and DOGE/USD is down 6.85%.