Australia's crypto-traders are awaiting tax rules with fear

Australia has embarked on the implementation of a new tax law.

In the new tax rules of Australia, anti-money-laundering measures will be extended to the crypto-currency sector.

Local analysts expect that the Australian Tax Administration (Australian Tax Office, ATO) after the entry into force of the new rules will start suppressing crypto traders.

Will Day, deputy commissioner of the ATU, said that the introduction of rules for combating money laundering and combating terrorism will lead to greater transparency in the operations of crypto-currency traders.

Investors in crypto currency will face mandatory identification checks, while ATO also plans to mobilize data comparison methods to monitor traders' transactions in accordance with the new rules.

In addition, the jurisdiction to collect information on the exchange traders Australian Australian Financial Intelligence Agency Austrac will expand.

In turn, Australian crypto-exchanges will also be instructed to report any transactions worth an equivalent of more than 770 US dollars, reports Bitcoin.com.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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