Cryptocurrency Q&A
How does Canada track crypto?
How does Canada track crypto?
Filippo
Thu Feb 06 2025
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6
answers
1311
I want to know how Canada keeps track of cryptocurrency transactions and activities. Is there a specific system or method they use to monitor and regulate crypto in the country?
6 answers
HanjiArtistryCraftsmanship
Sat Feb 08 2025
The CRA, or Canada Revenue Agency, has the means to monitor and trace cryptocurrency transactions conducted by individuals and businesses.
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MysticStorm
Sat Feb 08 2025
This is achieved through a cooperative framework with cryptocurrency exchanges, which are mandated to report significant transactions to the tax authority.
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JejuJoyful
Sat Feb 08 2025
Specifically, cryptocurrency exchanges are required by law to disclose transactions exceeding $10,000 to the CRA.
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Federico
Sat Feb 08 2025
This reporting requirement ensures that the CRA has visibility into large-scale transactions, aiding in the enforcement of tax regulations and combating tax evasion.
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DavidJohnson
Sat Feb 08 2025
The CRA's ability to track cryptocurrency is a crucial aspect for those involved in digital asset transactions.
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