CRA finds 40% of crypto users at high risk for tax evasion

The Canada Revenue Agency (CRA) has determined that approximately 40% of cryptocurrency platform users are at high risk of underreporting or evading taxes, according to Wu Blockchain. The agency is currently investigating over 230 cases through a dedicated crypto program and has collected approximately 100 million Canadian dollars ($73 million) over the past three years. The CRA stated that legal gaps exist in identifying crypto taxpayers and has demanded that platforms like Dapper Labs disclose user information.