Australian tax agency to send warnings to 350000+ crypto holders

• The Australia Taxation Office is sending out a warning though mails and letters to crypto holders regarding accurate crypto tax reports.
• Since 2019, the tax agency has been conducting investigations into the irregularities in crypto tax.

As per a News.com.au report, the Australia Taxation Office (ATO) is planning to send out warnings to over 350,000 crypto traders in the country through emails and letters. ATO said that some Bitcoin traders could be unaware of their tax debts and the agency is willing to give digital currency taxpayers some time to figure the procedure.

Speaking to the news outlet, a spokesperson for the ATO said:

For other taxpayers where we can see they hold cryptocurrency, but may not have sold or traded any during the (financial) year, we will be writing to them to remind them of their tax obligations and the records they should keep. Over the next two months, we expect to contact as many as 350,000 individuals who have traded in…