US Treasury sets $10K Crypto Limit for Exchanges to Report to IRS
The US Treasury Department today announced a major clampdown on crypto transactions in the US as it set an upper limit of $10,000 to be reported to the Internal Revenue Services (IRS). The department said that the measures have been taken to keep a check on illegal activities and tax evasion using digital assets.
*TREASURY CALLS FOR CRYPTO TRANSFERS OVER $10K REPORTED TO IRS
— *Walter Bloomberg (@DeItaone) May 20, 2021
“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,”
The department further said,
“Within the context of the new financial account reporting regime, cryptocurrencies and crypto-assets exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive crypto assets with a fair market value of more than $10,000 would also be reported on.”
The decision by the US Treasury comes at a time when the crypto market is already volatile and recovering from a major sell-off yesterday.
The post US Treasury sets $10K Crypto Limit for Exchanges to Report to IRS appeared first on Coingape.
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