US Treasury to consider the introduction of monitoring of foreign cryptocurrency accounts
If the new rules are approved, Americans will be required to report cryptocurrency accounts over $50 000 to the IRS
30.03.2022 - 09:25
214
1 min
0
What’s new? The US Internal Revenue Service (IRS) may require citizens to provide information about foreign cryptocurrency accounts they hold. This requirement is contained in the fiscal policy proposals for the fiscal year 2023, published by the US Treasury.
The full document is on the Treasury’s website
Who will be affected by the new requirements? If the Treasury’s proposals are approved, from 2023 US citizens will be required to notify the IRS of all overseas cryptocurrency accounts if the total assets on them exceed $50 000. Previously, this requirement applied only to fiat accounts.
The main reason for the introduction of new rules is the Treasury’s desire to control transactions with offshore digital asset exchanges and wallet providers.
What had happened before? On March 9, the White House released a government-wide strategy for regulating the cryptocurrency industry. The executive order sets national policy in several areas of industry development. In addition, the United States plans to raise $11 billion in taxes from digital assets by 2033.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 109
BTC
-1.32%
-
Ethereum
$3 428.67
ETH
+3.24%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.49
XRP
+2.69%
-
Dogecoin
$0.43397
DOGE
+5.84%
-
Cardano
$1.07
ADA
+8.64%
-
Stellar XLM
$0.501562
XLM
+47.32%
-
Polkadot
$8.62
DOT
+33.96%
-
Bitcoin Cash
$507.28
BCH
+3.5%
-
Litecoin
$99.4
LTC
+9.53%