This article briefly:
•The U.S. Treasury Department and Internal Revenue Service recently revised cryptocurrency tax reporting rules.
•Recent controversy surrounds the U.S. government’s attitude toward cryptocurrencies, characterized by law enforcement regulatory strategies.
•Regulators are preparing to release detailed procedures for reporting digital asset income, signaling a shift in cryptocurrency regulation.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) recently announced revisions to their cryptocurrency tax reporting rules. It initially required extensive reporting of cryptocurrency transactions over $10,000.
The Treasury Department is now informing businesses that they do not have to comply with the same reporting requirements as crypto-exchange cash. However, this will only be the case until formal crypto regulations are introduced in the country.