US Treasury and IRS Issue Crypto Broker Guidelines

US Treasury and IRS Issue Crypto Broker Guidelines

The United States Treasury and IRS Propose New Guidelines for Cryptocurrency Brokers

The United States Department of the Treasury and the Internal Revenue Service (IRS) have recently unveiled new guidelines outlining the reporting responsibilities of cryptocurrency brokers. These guidelines intend to strengthen taxpayer compliance and provide the IRS with better insights into earnings.

Reporting Duties for Digital Asset Brokers

Beginning on January 1, 2025, digital asset brokers, including trading platforms, payment processors, and hosted wallet providers, will be required to report the gross proceeds from all sales or exchanges of digital assets. These entities will likewise need to report gains and losses resulting from digital currency transactions, starting from January 1, 2026.

Feedback and Compliance

The Treasury and IRS are seeking feedback from small enterprises in the United States to comprehend the  capacity impact of these regulations on their operations. A public hearing has been scheduled for November 7, 2023, to support this initiative.

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More Stringent Regulations Needed

The United States Government Accountability Office has published a report emphasizing the need for stricter regulations in the digital currency domain. The report in particular  outlines the spot markets for non-security cryptocurrency assets and advocates for the appointment of a federal regulator to oversee these markets, ensuring financial stability and user protection.

Hot Take

As the cryptocurrency industry continues  to grow, it is critical for governments to establish clear regulations to foster compliance, protect users, and maintain financial stability. The proposed guidelines for cryptocurrency brokers in the United States are a step in the right direction, aiming to bring transparency and accountability to the industry.

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