United States Introduces New Rules for Crypto Taxation
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28 August

The US Treasury Department and the IRS have introduced new rules for the taxation of cryptocurrencies.

Congressman Patrick McHenry has urged the departments to be clearer in their regulations.

He has said:

"The Biden Administration must end its effort to kill the digital asset ecosystem in the US and work with Congress to finally deliver clear rules of the road for this industry."

According to him, any regulatory requirements must be "narrow, tailored, and clear."

The new rules require crypto exchanges to report customer transactions to the IRS, just as stock market brokers do. The regulations apply to decentralized exchanges (DEXes) that do not collect personal data from users.

The regulators has said in a statement:

"This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets and help ensure that everyone plays by the same set of rules."

The comment period on the document is open until next October 30, while public hearings are scheduled for November 7 and 8.

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