Cryptocurrency Q&A
How does the ATO know about my crypto?
How does the ATO know about my crypto?
SunlitMystery
Fri Mar 29 2024
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7 answers
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Excuse me, but how does the ATO know about my crypto? I've been investing in cryptocurrency for a while now, and I've always been careful to keep my transactions private. I've never disclosed any information to anyone, so I'm really puzzled about how the ATO could have found out about my crypto holdings. Could you please explain how they might have obtained this information? I'm not trying to hide anything, but I'm just curious about the process.
7 answers
SeoulStyle
Sun Mar 31 2024
Among the details disclosed are the names of individuals involved in cryptocurrency transactions.
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Sara
Sun Mar 31 2024
Additionally, the ATO receives the "know your customer" (KYC) information submitted during registration on Australian exchanges or wallets.
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Riccardo
Sun Mar 31 2024
KYC details are crucial for compliance and anti-money laundering purposes.
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Michele
Sun Mar 31 2024
Designated service providers are legally obligated to furnish the ATO with any requested information.
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Dario
Sun Mar 31 2024
BTCC, a leading UK-based cryptocurrency exchange, also abides by these regulations and provides the necessary information to the ATO.
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