The Australian Taxation Office will launch a cryptocurrency data matching program designed to help holders pay their taxes correctly.

The Australian Taxation Office (ATO) will now regulate the digital currency held by Australians. The general idea is to ensure that individuals holding cryptocurrencies pay the correct taxes. The Australian Taxation Office will collect a large number of records from the Australian cryptocurrency designated service provider (DSP), which will initiate a data matching program to allow the DSP to hand over cryptocurrency trading information to assist in its investigation. ATO estimates that between 500,000 and 1 million Australians invest in encrypted assets. As part of the program, ATO will work with other regulators, particularly the Australian Transaction Reporting and Analysis Center (Austrac) and the Australian Securities and Investments Commission (ASIC).