chepicap.com
A significant number of Bitcoin users have been audited by Canada's tax authority. The Canada Revenue Agency (CRA) has sent out a questionnaire requesting information regarding their activities in the crypto market.
A media contact at the CRA told Forbes that "the CRA established a dedicated cryptocurrency unit in 2017 to build intelligence, and conduct audits focused on risks related to cryptocurrencies. This unit has enhanced the CRA’s ability to monitor and enforce compliance in areas of emerging risk, including the cryptocurrency space. There are currently over 60 active audits related to cryptocurrency. The CRA’s enhanced efforts in this space stem directly from its broader Underground Economy Strategy, which includes a commitment to monitor emerging platforms and new business models, with a special focus on the sharing economy and digital currencies".
Read more: Starbucks crypto adoption will be a tax nightmare, says CoinCenter analyst'; New Hampshire bill approving paying taxes in Bitcoin 'unanimously approved'
That would make me feel very uncomfortable, which is why I have decided to report legitimately to the IRS. Not very cypherpunk of me, but I like sleeping - in my own bed. The state is going to find a significant portion of those evading and it won't be pleasant.
— Greg Jellin ⚡ (@GregJellin) March 7, 2019
Pretty horrifying. But tbh, I've long expected that authorities will start doing this.
— Brian Fabian Crain (@crainbf) March 7, 2019
So different than the questionnaire we've filled out in Singapore... Asking if the policies are fair and competitive, what can be improved to make it better.
— David Moskowitz 🖖 (@david_mosk) March 7, 2019
The questionnaire that has been sent out has a 13-page section on cryptocurrencies, with 54 separate questions regarding crypto activities. These include requests for information about what crypto services are being used, with Changelly and ShapeShift specifically mentioned. Another question is: "How much time do you spend studying the crypto market and investigating potential purchases?". The survey also asks for a list of all the respondent's non-custodial Bitcoin addresses, as well as an extensive history of the fiat-for-crypto purchase they have made.
Read more: Will Bitcoin replace fiat money?;5 unexpected uses for the Bitcoin Lightning Network