User data has been accessed! NFT players have become the focus of tax audits, and the regulatory climate in Canada has changed.
NFT users are becoming key targets for tax audits in Canada. Following exchanges, the CRA is turning its investigative focus to NFT platforms, obtaining user data from Dapper Labs for 2,500 users through court orders, covering participants in popular projects like NBA Top Shot and CryptoKitties.
This action sends a clear signal: tax regulation of crypto assets has extended from mainstream cryptocurrencies to the field of NFTs and other digital collectibles. CRA data shows that 40% of users on crypto platforms have tax compliance risks, and the reporting of profits from NFT transactions is often overlooked by investors, creating a regulatory gap.
For crypto investors, the regulatory trend is clear. Whether trading on exchanges or buying and selling NFTs, tax reporting will become a necessity. With the establishment of a dedicated financial crime agency in 2026, the requirements for crypto tax compliance in Canada may further increase.
