The United States Department of the Treasury published a statement in which it reported that it is increasing measures to take energy actions to regulate the crypto market. In particular, the IRS will need to increase its rigor.
The United States seeks to increase crypto regulation
We have previously reported how the United States has increased its rigor regarding crypto. We have particularly noted how the IRS has increased its oversight on the matter.
Now, under the Biden administration, the country seeks to crack down on tax evasion. In fact, it points to crypto as a major cause for concern.
“Crypto already poses a significant detection problem by facilitating illegal activity in general, including tax evasion,” the report notes.
Thus, “the president’s proposal includes additional resources for the IRS to address the growth of crypto assets,” the department added. “In the context of the new financial account reporting regime, cryptocurrencies and crypto-asset exchange accounts and payment service accounts that accept cryptocurrencies would be covered.”
But, in addition to this, the report pointed out that crypto transactions will also be monitored. Therefore, companies that receive crypto assets with a fair market value of more than $ 10,000 will be considered.
In this way, crypto users and crypto exchanges will be supervised with the aim of compliance with regulations.
The information provided must be more rigorous
In this regard, the Treasury Department has proposed increasing the requirements of crypto firms offering services, including crypto exchanges and custodial portfolios.
Thus “the proposal, if adopted and combined with existing law, would require a broker to report gross income and any other information that the Secretary may require regarding sales of crypto assets, as well as about clients, and in the case of certain passive entities, their important foreign owners ”, states the report.
Is this negative? Not necessarily. As we have previously noted on CryptoTrend, proper regulation could, in fact, favor the crypto market by driving its adoption.
We want to know your opinion! Do you think the regulation will be positive? Could it increase adoption? Leave your comment!
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