Kraken, one of the world’s largest cryptocurrency exchanges, has begun informing its users that it will start providing their trading data to the Internal Revenue Service (IRS) starting this November. This decision comes as regulatory bodies intensify their oversight over cryptocurrency transactions, underscoring the increasing scrutiny the sector faces regarding tax compliance and transparency.
The San Francisco-based exchange is taking steps to comply with legal obligations following a federal court order, directing it to provide the IRS with information on users who have conducted significant levels of transactions. The criteria for reporting, as outlined by Kraken, concern users who have engaged in at least $20,000 worth of transactions annually between 2016 and 2020.
This move signifies a broader trend of regulatory tightening in the cryptocurrency space, as authorities seek to bring more transparency to a sector historically known for its opacity. For users, it underscores the
We współpracy z: https://www.crypto-reporter.com/news/kraken-to-submit-customer-data-to-irs-tightening-regulatory-oversight-52138/
