Australia is cracking down on cryptocurrency tax evasion schemes

The Australia Taxation Office (ATO) is investigating 12 tax avoidance schemes as a part of an international investigation led by the J5 group which includes Australia, the U.S., the U.K., the Netherlands, and Canada. One of the 12 schemes targeted by the ATO is said to be a global financial institution and its intermediaries, and the agency is exploring other firms that have used cryptocurrencies to assist entities evade taxes.

"We're seeing the use of cryptocurrencies in ways that we haven't seen before. At the Australian level, there is definitely legitimate use for investment in cryptocurrencies, but we're also seeing the use of them to facilitate tax crimes," ATO deputy commissioner Will Day said.