- The Biden 2022 Budget includes new crypto regulations.
- The budget proposal requires wider tax reporting to include crypto assets.
- Also, crypto transactions over $10,000 will need to be reported.
American President Joe Biden’s administration has released a draft of the 2022 budget. The proposed budget includes several new crypto regulations.
The first proposal aims to “expand the scope of information reporting by brokers” to include “US crypto asset exchanges and hosted wallet providers to report information relating to certain passive entities and their substantial foreign owners.”
As such, the addition would help curtail tax evasion using crypto, a problem the Treasury Department flagged in the report. In addition, the report stated that the digital nature of crypto allows taxpayers to transact offshore without leaving the country. As such, the move will allow for income from the sale or holding of cry...
This article was first published on coinquora.com