Canada's tax authority recently revealed a striking finding: roughly 40% of Canadian digital asset users may face tax compliance risks or potential violations. The disclosure came after their specialized crypto audit team—comprising 35 professionals—worked through over 230 cases spanning three years, identifying CAD$100 million in unpaid taxes.

This data shines a spotlight on the compliance gap in the digital asset space. As exchanges and blockchain platforms expand their user bases, tax authorities worldwide are tightening scrutiny. For traders and investors holding cryptocurrencies, the takeaway is clear: proper tax reporting isn't optional—it's increasingly monitored and enforced.

The audit results suggest many participants either lack awareness of tax obligations or underestimate enforcement capabilities. Whether you're actively trading or hodling long-term positions, maintaining accurate records of gains, losses, and transactions has become essential.