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.
Australia to Expand Regulatory Domain Over Cryptocurrency Traders
“The Anti-Money Laundering Counter-Terrorism Financing Act ensures that there is investor transparency through ‘know your client’ requirements. The increased transparency the law provides, combined with our data-matching techniques and a range of existing powers which address unexplained wealth, strengthen the ATO’s ability to tax cryptocurrency profits.”
https://news.bitcoin.com/aussie-crypto-traders-expect-tax-crackdown-ahead-of-new-regulations/
