US Treasury Proposes New Crypto Transaction Reporting Requirements

The US government is taking steps to increase transparency in cryptocurrency transactions. In a recent report, the Treasury Department proposed changes that would require businesses to report cryptoassets with a fair market value of over $10,000 to the Internal Revenue Service (IRS).

This new requirement is similar to existing regulations for cash transactions above this threshold and aims to discourage businesses from concealing such transactions in the future. The report notes that cryptocurrency has become a significant problem due to its facilitation of tax evasion and other illicit activities.