- 3 August 2021
- Posted by: Cryptovalues
- Category: Legal, World News
With the pandemic, the United States is getting closer and closer to our industry.
The search for 550 billion to finance the Recovery Plan, for an infrastructure plan, has led the Senate to consider raising part of it through a tax on cryptocurrencies.
The idea is to ask, to a large part of crypto intermediaries, to make reports to the U.S. Internal Revenue Service, should they exceed ten thousand dollars.
In this way it would be possible to reach the quota of 28 billion in ten years.
The law is expected to come into force in 2023, so exchanges operating in the crypto industry will have to submit a disclosure statement if this amount is exceeded.
We would like to note that if the entire global crypto market is worth around $1.5 trillion, succeeding in such an operation will not be so obvious.
We will see more and more cryptocurrencies being considered as a new way of complying with tax obligations.