Crypto

The IRS and US Treasury have drafted their version of cryptocurrency regulations

The IRS and US Treasury have drafted their version of cryptocurrency regulations

The rules would cover brokers, but may signal an advance in crypto oversight in the US

The Department of the Treasury and the Internal Revenue Service (IRS) released a proposal for cryptocurrency regulations focused on the reporting requirements of brokers. While the move doesn’t signal a major shift in policy, it might be a sign that more changes are coming.

The Office of Advocacy of the US Small Business Administration disclosed that the proposal was released on August 29. It said, “The proposed rules would require digital asset brokers, including trading platforms, payment processors, and certain hosted wallet providers, to report gross proceeds for all sales or exchanges of digital assets starting on January 1, 2025.”

Brokers are referred to as “digital asset middlemen” in the regulatory proposal and will also be required to provide gain and loss information related to the sale of crypto assets. This requirement will be effective starting on January 1, 2026, at the earliest.

The proposed regulations are anticipated to produce “higher levels of taxpayer compliance,” with the IRS getting a clearer picture of taxpayer’s earned income, according to a document shared over the Federal Register. Small businesses have been invited by the Treasury Department and the IRS to attend a public hearing on November 7, 2023, to express how the new regulations would impact them. After the bill is signed into law, all brokers in the US will be required to file information returns with the IRS using the new Form 1099-DA and furnish payee statements to all customers.

United States Government Accountability Office released a 77-page report underlining the need for stricter cryptocurrency regulation. The congressional watchdog agency’s report pinpointed the center of the regulatory gap as spot markets for non-security crypto assets, saying, “By designating a federal regulator to provide comprehensive federal oversight of spot markets for non-security crypto assets, Congress could mitigate financial stability risks and better ensure that users of the platforms receive protections.”

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