Canada Revenue Agency says 40% of crypto users are at risk of tax evasion

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

The CRA acknowledged that current Canadian laws have significant limitations in identifying crypto asset users, and regulators "cannot reliably identify crypto users or assess their tax compliance." Therefore, the CRA has repeatedly attempted to require platforms to disclose user data, including requesting data on the top 18,000 users from Dapper Labs. However, after negotiations between lawyers and officials, only information on 2,500 users was ultimately obtained.