The Canada Revenue Agency states that 40% of cryptocurrency users are at risk of tax evasion and has requested platforms to disclose user data

The Canada Revenue Agency (CRA) stated that about 40% of taxpayers using cryptocurrency platforms are involved in tax evasion or high-risk non-compliance behaviors. In an email statement, the CRA mentioned that its cryptocurrency asset audit team consists of 35 auditors who are handling over 230 related cases and have "recovered over 100 million Canadian dollars in taxes" through audits in the past three years.

The CRA acknowledged that current Canadian laws have significant limitations in identifying cryptocurrency asset users, and regulators "cannot reliably identify crypto users and assess their tax compliance." As a result, the CRA has repeatedly attempted to request platforms to disclose user data, including seeking data on its top 18,000 users from Dapper Labs, but ultimately only obtained information on 2,500 users after negotiations between lawyers and officials.

The Canadian Department of Finance announced in October this year that new legislation will be introduced in the spring of 2026 to address regulatory gaps. Finance Minister François-Philippe Champagne stated that the government will establish a dedicated financial crime agency to tackle rapidly evolving fraud and financial crime. Meanwhile, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) continues to strengthen anti-money laundering enforcement, recently imposing a fine of over 19.5 million Canadian dollars on KuCoin's operating entity, Peken Global, for failing to register as a foreign money services business as required.