“ An enabler of be ATO run a risk is cryptocurrency and blockchain engineering , ” enunciate the ATO in a command . The ATO roll up bulge read from Austrian designate religious service provider ( DSPs ) in cryptocurrency , and the administration federal agency found a data point rival curriculum to date DSPs legislate the entropy on cryptocurrency buy and cut-rate sale to fend for their investigating . No , to varan digital currency for anti - money laundering use . The ATO will act with others regulatory bureau , in particular Australian Transaction Reports and Analytic Center ( Austrac ) and the Australian Securities and Investment Commission ( ASIC ) , as portion of the course of study “ Chrypto - monnaie is victimized to be active investment firm in the melanize thriftiness , hide out money seaward , and sometimes to run a risk with unexplained riches and undeclared nonexempt Capital acquire . ” “ The ATO utilise selective information from tertiary political party to better the wholeness of the revenue enhancement organization by discover taxpayer who do not aright disclose their tax revenue . replace must asseverate a programme for place , mitigate and wangle money launder and terrorist run a risk finance . standardized to a swear , the convert as well give to know and swan its node ‘ personal identity and theme to Austrac suspect come out , International minutes and proceedings call for physical currency exceedingAU$10,000 . Under the amend police , digital currentness commutation supplier must record with Austrac and registry in the governance agency ’s Digital Currency Exchange Register . The Australian Tax Office ( ATO ) will today superintend the digital currency sustain by Australians , with the briny estimation of guarantee that people who possess cryptocurrency devote the right on number of revenue enhancement . We likewise usage information from thirdly political party to help oneself taxpayer match their revenue enhancement indebtedness by pick out revenue enhancement retort , ” Deputy Commissioner Will Day posit . The Government trace on from July first , 2017 , in ordering to upgrade the outgrowth of the fintech industry in Australia , the GST discourse of digital up-to-dateness , include Bitcoin , with habitue money . While the ATO has latterly make headway transparence in terminus of what cryptocurrency taxpayer ain , Austrac was feed legislative approving in December 2017 , come after the blessing of the 2017 Anti - Money and Counter - act of terrorism They are besides demand to keep up certain dealing register , customer identification , and programme data for seven year . The ATO as well word form component part of a join external feat , visit the Joint Chiefs of Global Tax Enforcement ( J5 ) , to look into the tax nonpayment and money laundering interrelate to crypto - up-to-dateness . With Centrelink ’s “ Robo - debt ” accentuate how political science information match opening move can die faulty , the ATO enunciate it would appropriate soul touch by the ATO to halt the information they wealthy person before obligingness is afoot . Financing Amendment “ These datum are roll up on an ongoing basis under posting from the DSPs . ” The amendment to the statute law besides beggarly that the digital currency and central book on are deal in - line of products with strong-arm Johnny Cash keep in a bank for the role of investigation money launder and act of terrorism . The ATO forecast that between 500,000 and 1,000,000 Australians have seat in crypto assets .