The US treasury has proposed that transfers of at least $10,000 of cryptocurrency be reported to the Internal Revenue Service.
Crypto investors have viewed this as an acknowledgment by the agency that crypto is not going away.
The Biden administration has in recent months taken an interest in cryptocurrencies, specifically on taxation. In a bid to close the tax gap, and amidst growing crypto adoption in the US, the administration has been looking to get a piece of the action. This week it has been revealed that the US Treasury has proposed stricter cryptocurrency compliance with the Internal Revenue Service (IRS).
In a release, the Treasury Department said,
Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,
The agency added that businesses that engaged with cryptocurrencies would also need to report transactions to the IRS. “As with cash transactions, businesses that receive crypto assets with a fair-market
