It's time to bring cryptocurrency into the tax system properly. First, the government must launch a major public awareness campaign and add a direct question to the tax return to leave no doubt that crypto gains are taxable.

Furthermore, because these are fundamentally flawed and speculative assets, the law must be changed to prohibit taxpayers from claiming relief for any crypto losses against their other capital gains.

Finally, a technological reporting system must be mandated with crypto exchanges to end anonymous trading and ensure every taxable gain is declared and paid.