U.S. Treasury and Internal Revenue Service Propose New Crypto Tax Regulations

2023/08/27 00:26

The U.S. Treasury and the IRS have proposed new tax regulations for the digital assets industry, requiring payment platforms, wallet providers, and trading firms to file tax returns on certain sales or exchange transactions involving crypto assets. The proposal also mandates real estate brokers to file tax information on virtual currencies received during transactions. The proposed rules are estimated to generate around $28 billion worth of revenue for the federal government over a decade, but have been criticized by Republican Representative Patrick McHenry as a way for the Biden Administration to crack down on the crypto industry. The proposed regulations would apply to sales and exchanges of crypto assets in 2025 if enacted.

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