Australian tax regulator will check 350,000 Bitcoin traders

Australia's tax regulator will remind crypto traders of tax liability. This will happen by sending emails or regular letters.

Since cryptocurrencies are considered a form of ownership in the country, they fall under the law on capital gains tax. This means that all operations, including the sale, trade, exchange, conversion into Australian dollars or foreign currency, the use of cryptocurrencies to obtain goods or services, fall under the scrutiny of the regulator.