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

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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.

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