Bitcoin

<ul><li>The US Treasury Department recently introduced a new proposal for taxation in the crypto industry.</li><li>The new rules require crypto brokers to report information on users’ sales and exchanges of crypto assets.</li><li>The Treasury’s new tax reporting rule has been met with opposition from stakeholders in the crypto industry.</li></ul>The United States Department of Treasury recently introduced new tax reporting <a href="https://public-inspection.federalregister.gov/2023-17565.pdf" rel="noopener noreferrer nofollow">rules</a> for the crypto industry. As per the new rules, American crypto exchanges like Coinbase and Kraken would have to report information regarding users’ purchases and trades to the Internal Revenue Service (IRS).According to a recent report by <a href="https://www.bloomberg.com/news/articles/2023-08-25/crypto-exchanges-to-report-customer-data-under-treasury-proposal?utm_content&#61;crypto&amp;utm_campaign&#61;socialflow-organic&amp;utm_medium&#61;social&amp;utm_source&#61;twitter" rel="noopener noreferrer nofollow">Bloomberg</a>, the new 282-page tax regulation document proposed by the Department of Treasury and the IRS was aimed at limiting tax evasion related to crypto transactions. The IRS claimed that the unpaid digital asset taxes were a considerable contributor to the deficit between taxes owed and collected, which exceeded $500 billion every year.As per a separate <a href="https://home.treasury.gov/news/press-releases/jy1705" rel="noopener noreferrer nofollow">press release</a> from both departments, the new tax reporting rules would crack down on tax cheats while helping law-abiding taxpayers know how much they owe on the sale or exchange of digital assets. The proposal would remain open for public comment and feedback until October 30, 2023.The new tax rules were met with considerable opposition from crypto businesses operating in the United States. Crypto stakeholders were particularly frustrated with the classification of decentralized crypto protocols as brokers. Historically, the crypto community had been of the view that decentralized crypto operations can’t be brought into compliance.Speaking on the new tax reporting rules, Coinbase’s Vice President of Tax Lawrence Zlatkin stated:Read full article at <a href="https://cryptotale.org/u-s-treasury-unveils-controversial-tax-proposal-for-crypto/" rel="noopener noreferrer nofollow">CryptoTale.</a>

U.S. Treasury Unveils Controversial Tax Proposal For Crypto

CryptoTale

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