Australia anticipates billions in cryptocurrency tax fines

The Australian Taxation Office is collecting bulk data to identify holders of cryptocurrencies who are not paying tax on their trading profits. The crackdown has cost the Australian government more than $1 billion so far, but it estimates that cryptocurrency fines to traders who have failed to report capital gains will amount to more than $3 billion.

The government has offered to significantly reduce or wave penalties to encourage taxpayers to come clean before the audit.