Politics

Over 800,000 Australians dabble in crypto


Another 200,000 Australians have joined the ranks of cryptocurrency investors this year, according to the tax office.

Up from an estimated 600,000 in 2020, the latest data shows there are more than 800,000 individuals transacting in cryptocurrency, the Australian Tax Office told AAP on Friday.

“We are continuing to see an increase in Australians participating in the cryptocurrency market,” an ATO spokesman said.

The ATO matches data from cryptocurrency service providers to individual tax returns to make sure investors are paying the right amount of tax.

There are no separate figures available for non fungible tokens (NFTs) amid the global craze for digital art, music, gaming items and other collectibles.

“The tax treatment of NFTs follows the same principles as cryptocurrencies,” the spokesman said.

Worldwide, the NFT market value is predicted to hit US$10 billion ($A14 billion) by the end of this year, up from just US$338 million in 2020, according to investment information firm Invezz.

As well as getting transaction data from cryptocurrency exchanges and banks, the ATO also shares data with the financial intelligence agency Australian Transaction Reports and Analysis Centre (AUSTRAC) and overseas tax agencies.

“The majority of Australians do want to pay the correct amount of tax and seek to report their gains and losses correctly,” the ATO spokesman said.



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