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Canada’s Revenue Agency Demands Crypto Exchange’s Clients Data

The Canada Revenue Agency (CRA) wants to know the identity of Coinsquare cryptocurrency exchange clients to battle tax crime and evasion.<br><br>

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Canada’s Revenue Agency Demands Crypto Exchange’s Clients Data

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  1. Canada’s Revenue Agency demands crypto exchange’s clients data The Canada Revenue Agency (CRA) wants to know the identity of Coinsquare cryptocurrency exchange clients to battle tax crime and evasion. According to the blog post by ​National Post​, the Canada Revenue Agency (CRA) has currently made a formal appeal to a judge of the Federal Court of Canada to necessitate the Coinsquare Canadian crypto trading platform to offer data and certain documents regarding all its consumers commencing from 2013. The CRA demands clients data of significant crypto exchange Coinsquare. The CRA attempts to recognize the identity of each consumer of the Coinsquare crypto exchange as part of measures to crack down the underground economy and tax avoidance activities. This move signifies the first time where the taxman demands data from a crypto exchange with a link with consumers’ tax reporting cases in Canada.

  2. The CRA elucidates that it needs such data to make sure that all clients of the Coinsquare crypto exchange have complied with their responsibilities and liabilities under Canadian tax laws. The agency aims to ensure that Coinsquare consumers have revealed all their income and paid their taxes. It also aims to make sure they have not adopted virtual currencies to protect assets. CRA intends to know citizens holding Crypto on Coinsquare Moreover, the taxman would want to know which Canadian citizens have been funding in cryptocurrencies on the crypto exchange. It then intends to match the prevailing tax return and tax transcript information to their past filing status. In July, the Canadian securities regulator inflicted a $2.2 million penalty against Coinsquare for building large fake trading volumes on its platform. It then ventured to cover it up while dismissing the whistleblower. The whistleblower revealed the matter to officials and people outside the organization. CRA considers that high cases of tax crimes and evasion have come to life in the crypto industry. The CRA believes that cryptocurrencies increasingly play a vital role in the shadow economy. Read More: Read More: https://cryptodose.co/canadas-revenue-agency-demands-crypto-exch anges-clients-data/

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