~ But it is not clear here whether this means one transaction, or any several transactions for the specified amount from one sender.This is per transaction. It is similar to an existing anti-money laundering policy on bank transactions. If someone is to make a deposit/withdrawal request amounting to $10,000 or more, the bank is required to report it to the IRS. In this case, it's the individuals who should report since transactions could be done P2P (no banks or CEX involved). It is also important to note the nature of the transaction has to be business-related.
That is, this law actually equalizes the requirements for the circulation of non-cash government money and cryptocurrency. This means that crypto enthusiasts have nothing to complain about yet. Cryptocurrency is not infringed in this case. But it appears that this legal requirement can easily be circumvented by not sending $10,000 or more in one transaction, but by dividing that amount into several smaller transactions so that one transaction is for less than $10,000.~ But it is not clear here whether this means one transaction, or any several transactions for the specified amount from one sender.This is per transaction. It is similar to an existing anti-money laundering policy on bank transactions. If someone is to make a deposit/withdrawal request amounting to $10,000 or more, the bank is required to report it to the IRS. In this case, it's the individuals who should report since transactions could be done P2P (no banks or CEX involved). It is also important to note the nature of the transaction has to be business-related.
I don't know, but some may try to make repeated transfers for $9,999 to avoid reporting within 15 days.That can be one way to avoid it if the situation permits. Take note also that it is the receivers of the funds that must file the report within 15 days, and this report would include name, address and ssn of the sender and also the purpose of the tx.
It obvious that everything about cryptocurrency is strictly under regulation by the US government. I am sure the Tax law is to confirm US readiness to checkmate every crypto transactions, and also get some benefits, that is, to generating revenue having seen the amount of money that is intering into the crypto economy.This is what the U.S. government wants to do, they want to have some form of control over crypto and this is how to do it, through regulations and by fighting privacy solutions and tx's. Using crypto in the U.S. will keep getting difficult and it would be a negative to adoption.
It obvious that everything about cryptocurrency is strictly under regulation by the US government. I am sure the Tax law is to confirm US readiness to checkmate every crypto transactions, and also get some benefits, that is, to generating revenue having seen the amount of money that is intering into the crypto economy.If cryptocurrency existed on its own and was used by people without contact or conversion with fiat, perhaps states would not seek to regulate it so strictly. However, cryptocurrency is converted into state currency and vice versa, which directly affects the interests of states and their financial system. Therefore, it is not surprising that states will regulate the circulation of cryptocurrency. But the good thing is that by regulating, states are simultaneously legalizing cryptocurrency.
If cryptocurrency existed on its own and was used by people without contact or conversion with fiat, perhaps states would not seek to regulate it so strictly. However, cryptocurrency is converted into state currency and vice versa, which directly affects the interests of states and their financial system. Therefore, it is not surprising that states will regulate the circulation of cryptocurrency. But the good thing is that by regulating, states are simultaneously legalizing cryptocurrency.
The amount of $10,000 in cryptocurrency, which is subject to control by banks and tax authorities, was established by FATF, it seems, in 2019. In my country, Ukraine, this FATF recommendation has long been implemented and adopted into law. Many states have also incorporated this mandatory FATF recommendation into their national laws. The state has the right to reduce, but not increase, the specific amount of cryptocurrency transactions that is subject to immediate accounting and verification.
The point is that we are seeing more and more of the same kind of measures and I'm sure that over time that $10,000 will be lowered, and even if it isn't, simply because of inflation it will be as if they were lowered in real terms.
It hurts me so much to see that the people making and dictating laws for the crypto community are none Crypto ethusiast, and they don't understand how crypto clearly works. IRS were quick in making a decision that they thought would put the people under control, but they failed to identify other possibilities that can't be included in their laws.It's part of the price we have to pay for wanting crypto to be widely adopted and reach mainstream. The problem with a lot of us is we only want to enjoy/reap all the benefits but we don't want to deal with the consequences that comes with it.
Well, there shouldn't be any need to panic because the Coin Center executive director has placed them in a state were they must go back to their drawing board and rethink the law they've placed.I doubt that guy is influential enough to sway lawmakers to revise this new policy. He'll probably lose the case he filed.
Increasingly clear regulations regarding crypto and its taxes in a country should actually be welcomed. Because this also proves that the country has allowed its citizens to get involved in crypto and crypto has been recognized as part commodity asset and part security.New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days(https://i.imgur.com/aApZHtXm.jpg)
A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days... See more for yourself here (https://news.bitcoin.com/new-crypto-tax-law-takes-effect-in-us-transactions-of-10000-or-more-must-be-reported-to-irs-within-15-days/).
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