Australia’s Tax Office Targets 1.2 Million Crypto Traders in Massive Data Sweep

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As reported by Reuters, the Australian tax office is attempting to extract personal and transactional details of crypto exchanges of about 1.2 million traders aiming at people who refrain from their tax liabilities. This is being done as a part of their surveillance efforts. As per the ATO, the data will prove helpful in identifying traders who failed to report their crypto activities. Australia has had rigid crypto regulations since the FTX collapse and has previously sued companies for operating without a license.