Canada’s tax agency is reportedly cracking down on cryptocurrency investors in the country.
Multiple sources have confirmed that cryptocurrency holders have been targeted with audits by the Canada Revenue Agency (CRA), according to Forbes.
Those who have been targeted by the CRA have also been sent comprehensive questionnaires to fill out regarding their bitcoin-related activity over the past years.
Earlier this year, CRA Project Oversight Director Jared Adams tweeted about the possible use of bitcoin in money laundering in response to a recommendation made by a bitcoin-related company to their users.
In the past, the CRA has dealt with scammers who call unsuspecting Canadians up to demand dubious tax payments in bitcoin.
The Internal Revenue Service (IRS) in the United States has also targeted bitcoin users in the past, demanding Coinbase turn over large amounts of data about its users. Coinbase eventually fought the demand for user data in court and was able to limit the scope of the collection of data by the IRS.Kyle Torpey – Forbes