The Canada Revenue Agency is cracking down on non-compliance with cryptocurrency taxes

According to foreign media, the Canada Revenue Agency (CRA) is cracking down on non-compliance related to cryptocurrency taxation. CRA suggests that individuals and businesses across the country need to comply with regulations, or they may face prosecution. After investigation, CRA learned that there are many types of cryptocurrencies and related businesses in Canada, and the risk of non-compliance is high, which will strengthen the importance of compliance work in this field. According to previous reports, CRA has been operating a dedicated cryptocurrency unit since 2017. Earlier this year, the unit confirmed that it was conducting about 60 audits of companies or individuals involved in cryptocurrency transactions and mining.