The Australian Taxation Office (ATO) is focusing its efforts on around 1.2 million accounts involved in cryptocurrency transactions in a bid to address tax discrepancies.

This move is part of a broader initiative by the Australian government to ensure that individuals engaging in the burgeoning digital token market are meeting their tax obligations.

Reuters reports that this crackdown aims to identify and correct instances where taxes owed by cryptocurrency users may have been underreported or overlooked entirely.

This effort underscores the growing attention and regulatory response to the increasing popularity and economic significance of digital currencies.