Canada Revenue Agency Warns 40% of Crypto Users at Risk of Tax Evasion

BlockBeats News, December 9th, the Canada Revenue Agency (CRA) stated that about 40% of taxpayers using cryptocurrency platforms are involved in tax evasion or high-risk non-compliance. In an email statement, the CRA mentioned that its cryptocurrency asset audit team consists of 35 auditors who are currently handling over 230 related cases and have "recovered over 100 million Canadian dollars in taxes" through audits over the past three years.

The CRA acknowledged the significant limitations of current Canadian laws in identifying cryptocurrency users, stating that regulatory agencies "cannot reliably identify crypto users and assess their tax compliance." Therefore, the CRA has made multiple attempts to request platform user data, including requesting data on the top 18,000 users from Dapper Labs. However, after negotiations between lawyers and officials, they only obtained data on 2,500 users.