ALDO: CoinDesk's Consensus Magazine presents its latest special feature, highlighting 19 notable blockchain, cryptocurrency, and Web3 projects to keep an eye on in 2023.
Since its start in February 2020, the force's criminal asset confiscation command has seized more than $600 million in illegal gains.
Based on an independent investigation, Binance's security team found two people who may have been behind the theft of $265,000 worth of virtual currency on KyberSwap.
The Bill would require businesses that transmit digital assets to file tax information reports similar to the Form 1099 requirements for securities brokers.
The legislation amends part of an existing tax code passed in 1984 to crackdown on money laundering, to apply to cryptocurrency transactions. That law states that any person engaged in a “trade or business transaction” who received more than $10,000 in cash must report personal information about the sender, such as name and address, to the IRS.
This is intended to require information reporting for cryptocurrency exchanges but could be interpreted to cast a wider net to require other segments of the blockchain industry, such as cryptocurrency payment service providers, to file information reports.
The challenge with clarifying and imposing tax regulation is that the field is both emerging and evolving. That makes it very difficult for tax authorities to understand how crypto should be reported, by whom, and where.
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