FAQs for Reporting Provisions For Crypto And Other

Should cryptocurrency exchanges be required to file information reports?

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.

Should crypto brokers have to share transactions with the IRS?

The U.S. Treasury hinted in a letter to a group of senators late last week that it intends to exclude crypto miners, stakers, and other market players from laws that would force crypto brokers to share data on their customers' transactions with the IRS.

Will more countries introduce new crypto tax rules?

Aside from stepping up reporting requirements, we also might see more countries introducing entirely new crypto taxation rules, largely because many nations simply haven’t formulated such rules to date. “As is well known, most countries have no specific crypto tax rules and have issued only very superficial guidance on crypto transactions.

Is crypto too big for tax authorities to ignore?

There are growing indications that crypto has become too big—and too mainstream—for tax authorities to ignore. The numbers are notable: At the end of last year, it was estimated there were more than 68 million crypto wallet holders in the United States alone (more than 108 million globally) 1 and around 2,300 US businesses accepted bitcoin 2.

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