Australia seeks client data from crypto exchanges in tax crackdown

FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

SYDNEY (Reuters) - Australia's tax office has sought from crypto currency exchanges the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on users who may be failing to pay their taxes amid a rising interest in digital tokens.

In a notice issued last month, the Australian Taxation Office (ATO) said the data will help identify traders who had failed to report the exchange of crypto assets, or when they sold it for currency and used it to pay for goods or services.