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News related to Crypto / Re: New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be R
« on: January 10, 2024, 02:16:55 AM »
This rule doesn't look new to me at all, as I always believe this has been happening on exchanges and platforms that are being licenced by the US government, so if you want to make a large deposit, be ready to present your source of income and a full explanation of how those funds were gotten.
This law is still very active on centralised exchanges, and those who want to avoid it will always make use of NONKYC exchanges and Dex to avoid further explanation in the future.
And with this law of large deposits being monitored, let's not be surprised by the way things are going. Even those who make use of USDT and other stable coins that are working with the Feds will face the same faith as your large crypto transaction can be frozen in your wallet, and KYC will be required before the funds can be released. If you are not ready to compare, you just need to avoid centralised systems totally and store coins in places where full control is handled by you, the holder, and there are no loopholes.
This law is still very active on centralised exchanges, and those who want to avoid it will always make use of NONKYC exchanges and Dex to avoid further explanation in the future.
And with this law of large deposits being monitored, let's not be surprised by the way things are going. Even those who make use of USDT and other stable coins that are working with the Feds will face the same faith as your large crypto transaction can be frozen in your wallet, and KYC will be required before the funds can be released. If you are not ready to compare, you just need to avoid centralised systems totally and store coins in places where full control is handled by you, the holder, and there are no loopholes.