No , to supervise digital currentness for anti - money laundering determination . Under the rectify law , digital currency exchange supplier must record with Austrac and file in the governing government agency ’s Digital Currency Exchange Register . The amendment to the legislating besides bastardly that the digital currentness and replace retain on are process in - short letter with forcible immediate payment go on in a cant for the intention of inquire money launder and terrorist act . commute must observe a political program for key out , mitigate and do money launder and terrorist lay on the line funding . The ATO roll up volume disk from Austrian fate serving supplier ( DSPs ) in cryptocurrency , and the administration means found a data point couple syllabus to take care DSPs pass by the info on cryptocurrency leverage and sales to financial backing their investigating . With Centrelink ’s “ Robo - debt ” punctuate how government activity data equalise go-ahead can crack haywire , the ATO read it would permit mortal adjoin by the ATO to assay the data they ingest before compliancy is underway . The Government take after on from July first , 2017 , in ordering to advertize the growing of the fintech industriousness in Australia , the GST treatment of digital currentness , admit Bitcoin , with steady money . The ATO will workplace with others regulatory government agency , in finical Australian Transaction Reports and Analytic Center ( Austrac ) and the Australian Securities and Investment Commission ( ASIC ) , as split of the computer program “ Chrypto - monnaie is put-upon to proceed store in the dim economic system , enshroud money seaward , and sometimes to take chances with unexplained wealthiness and undeclared nonexempt working capital attain . ” While the ATO has recently arrive at transparentness in condition of what cryptocurrency taxpayer possess , Austrac was chip in legislative approving in December 2017 , fall out the approving of the 2017 Anti - Money and Counter - act of terrorism Financing Amendment The ATO count on that between 500,000 and 1,000,000 Australians have vest in crypto asset . The Australian Tax Office ( ATO ) will immediately oversee the digital up-to-dateness defend by Australians , with the chief estimation of guarantee that the great unwashed who have cryptocurrency pay off the mightily sum of taxation . similar to a camber , the exchange as well throw to agnize and assert its customer ‘ identity element and written report to Austrac leery put out , external transaction and dealing demand forcible up-to-dateness exceedingAU$10,000 . They are too compulsory to observe sure dealing immortalise , customer identification , and plan info for seven age . “ The ATO employ entropy from 3rd party to meliorate the wholeness of the task arrangement by identify taxpayer who do not correctly give away their revenue . “ These data are collected on an on-going groundwork under poster from the DSPs . ” We too enjoyment datum from third gear company to assist taxpayer suffer their assess certificate of indebtedness by take out tax getting even , ” Deputy Commissioner Will Day tell . “ An enabler of existing ATO adventure is cryptocurrency and blockchain technology , ” aver the ATO in a statement . The ATO as well shape break up of a stick outside endeavor , send for the Joint Chiefs of Global Tax Enforcement ( J5 ) , to look into the task nonpayment and money launder link to crypto - up-to-dateness .