US Treasury Proposes Stricter Cryptocurrency Compliance with IRS

In an effort to deliver on its promise to intervene in the cryptocurrency market, US Treasury Secretary Janet Yellen has just revealed a new set of regulations that aim to crack down on crypto transactions due to alleged illicit activity and tax evasion.

On Thursday, the Treasury Department said it would take further steps to regulate cryptocurrency markets and related transactions, by requiring any transfers worth over $10,000 to be reported to the Internal Revenue Service. The announcement is part of the Biden administration’s broader efforts to address tax evasion and advocate for better compliance.

Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,” the Treasury Department said in a news release.

Following the announcement, bitcoin slumped slightly before reversing course.


Information for this briefing was found via The Department of the Treasury. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Hut 8 Mines 265 Bitcoin In November 2021

Hut 8 Mining Corp. (TSX: HUT) reported today its production results for the month of...

Thursday, December 2, 2021, 09:27:00 AM

Fisker Inc Reports First Quarter Loss, Will Not Accept or Invest in Bitcoin

Shares of Fisker Inc were in peril on Monday, after the EV startup reported dismal...

Tuesday, May 18, 2021, 11:46:00 AM

Deutsche Bank Quietly Begins Plans for a Cryptocurrency Platform After Publishing Numerous Surveys Denouncing Digital Currencies

After publishing a number of surveys that denounced several cryptocurrencies including Bitcoin, it appears that...

Monday, February 15, 2021, 09:03:00 AM

El Salvador Becomes First Country to Approve Bitcoin as Legal Tender

While some countries are outright banning the use of cryptocurrencies, El Salvador has passed a...

Wednesday, June 9, 2021, 02:44:00 PM

European Central Banks Throw Shade At Bitcoin, Launch Digital Euro Project

The European central bank is evidently focused on the topic of digital currencies. This morning,...

Wednesday, July 14, 2021, 08:45:13 AM