This is an AI generated Episode that will discuss a video, podcast or read an article. The source provides an overview of the legal and financial consequences of failing to report cryptocurrency transactions to tax authorities worldwide, such as the IRS, HMRC, and ATO. It explains that these agencies classify crypto as a taxable capital asset, making sales, trades, and even staking rewards subject to reporting requirements. The article highlights how authorities are utilizing advanced tracking technology and global data-sharing frameworks like CARF to trace transactions and link them to real-world identities, countering the misconception of anonymity. Furthermore, the text details the serious penalties for noncompliance, ranging from fines and audits to potential criminal charges, and advises on the steps individuals can take to correct past oversights and maintain accurate records for compliance. .Want to read the article your self? Check the original source: https://cointelegraph.com/news/what-happens-if-you-don-t-pay-taxes-on-your-crypto-holdings