• February 28, 2024

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Australia Strengthens Control on Crypto Taxes

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The Australian Tax Office (ATO) has reminded that traders must pay taxes on income received from digital asset transactions. Moreover, taxes must be paid on all types of transactions, including NFTs.

Australia is on the list of states with a high proportion of cryptocurrency investors. However, local authorities hinder the development of the blockchain sector.

A representative of crypto exchange Kraken accused last fall the country’s supervisory authorities of striving to establish total control over the crypto sphere, hindering the development of the industry.

The ATO has emphasized that every trader who earns on operations with digital currencies must pay taxes to the treasury.