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The US Treasury Department has announced that it is beginning to take measures to ensure stricter compliance with cryptocurrency requirements through the IRS (Office of Taxation within the US Treasury), adding that the cryptocurrency market poses a risk of tax evasion.
It should be noted that the crypto market is part of the Biden administration's program to strengthen tax compliance, with new requirements to report any transfer of cryptocurrency worth at least $ 10,000 to the Internal Revenue Service (IRS).
This also applies to companies. All companies that have and receive crypto market assets above $ 10,000 will have to report, as well as for cash transactions.
The department said that tax evasion is a risk for cryptocurrency holders. According to the report, the cryptocurrency has created a problem for paying taxes. So Biden's suggestion is to include additional resources to control cryptocurrencies. This was explained by the fact that control over the crypto market will allow you to minimize incentives.
The new cryptocurrency regulations are part of the department's overall report detailing recently proposed measures by the Biden administration to raise an additional $ 700 billion through the IRS.
The new Treasury guidelines will also apply to exchanges with crypto assets.
This regulation will come into force in 2023. Last year, the IRS already added a line with a question about cryptocurrency to the form 1040 individual tax returns.
In yesterday's video message, Fed Chairman Jerome Powell announced that cryptocurrency is not a convenient payment method due to price fluctuations, adding that the central bank will publish a research paper on the digital currency this summer and open the topic to public discussion.
Powell said as the financial sector innovates, the central bank must continue to provide financial stability, security, and efficiency for the payment system. He emphasized that any central bank digital currency that the Fed considers for future use will be designed to complement the U.S. dollar, not to replace it.
The head of the FRS also commented on the development of stablecoins linked to the value of the US dollar or any other currency: "Stablecoins are designed to increase the efficiency of payments, speed up settlement flows and reduce costs for end users, but they can also carry potential risks for the financial system, as well as for users. With the increased use of Stablecoins, we will pay more attention to the surveillance system."
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