Canadian crypto trading platform to forward client data to tax authorities

Canadian crypto trading platform to forward client data to tax authorities
March 26
11:00 2021

As per a court ruling last week, Canadian crypto trading platform Coinsquare will have to provide Canadian Revenue Agency (CRA) with client data, National Post reports. Specifically, the platform has to share the information of certain clients. These include clients who made a deposit or held crypto in their accounts worth $20,000 or more. Other data includes information about the top 16,500 active users in the period between 2014-2020. According to the source, such a request from the tax agency is to ensure that crypto holders pay their taxes.

Regulations on crypto vary from country to country and authorities take measures against those who evade paying tax. In the U.S., Internal Revenue Service (IRS), for instance, this month launched a program under the name “Operation Hidden Treasure.” It is designed to keep track of the crypto income of the taxpayers who did not report it on the tax form.

In India, the government made it compulsory for companies to disclose crypto investments or trading activities, Business Today reports. According to the source, experts expect taxation regulations to follow. The Indian government has been discussing the introduction of a law that would ban all private cryptocurrencies. As a result, this law could make it illegal to hold or trade crypto.

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