OTTAWA – The Canada Revenue Agency wants to know the identity of every client of a major Canadian cryptocurrency trading platform as part of its effort to fight tax fraud and the underground economy.
In a September filing to the federal court, Canada’s tax agency is asking a judge to force Toronto-based crypto trading platform Coinsquare to hand over information and certain documents about all its clients since the beginning of 2013.
In its filing — the first of its kind involving a Canadian cryptocurrency exchange — the CRA says it needs all the information to ensure that Coinsquare’s customers have “complied with their duties and obligations” under Canadian tax laws.
In other words, CRA wants to make sure that the firm’s clients have declared all their income, paid their fair share of taxes and haven’t used cryptocurrencies to hide assets.
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