Crypto Exchanges Under IRS Radar: New Treasury Proposal Demands Detailed Tran...
The US Treasury Department has recently published a proposed rule requiring cryptocurrency brokers, including exchanges and payment processors, to report user information regarding sales and exchanges of digital assets to the Internal Revenue Service (IRS). According to a CNBC report, the move is part of a broader effort by Congress and regulatory authorities to crack […]
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The Treasury has opened up the comment period for its self-hosted wallet requirements for another 60 days. The United States Treasury Department's now-infamous proposal to require information on crypto transfers from exchanges to self-hosted wallets is back in motion.Per a Tuesday announcement from the Financial Crimes Enforcement Network, or FinCEN, stakeholders will have another 60 days to respond to the proposal. While a marked improvement from the 15-day comment period of the original proposal, unfortunately for the crypto industry, it doesn't look like the actual terms of the proposal....
If passed, the United States’ crypto wallet proposal would create significant hassles for digital asset exchanges. U.S. Treasury Secretary Steven Mnuchin recently dropped a proposal requiring exchanges and crypto platforms to verify the identity of customers exporting digital assets to self-hosted wallets. Crypto exchange OKCoin noted the proposal would create additional work for exchanges. “Upon preliminary review of the FinCen [Financial Crimes Enforcement Network] proposal as well as the wallet verification requirements, I think the proposal of extending the CTR requirement to crypto....
Many have called the long-rumored rules an existential threat to peer-to-peer transactions. The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.In a Friday evening announcement, the Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules requiring registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is....
The Iranian tax agency has called for establishing a legal framework for crypto trading platforms so they can be taxed properly. The Iranian National Tax Administration (INTA) is pushing to establish a legal framework for the taxation of crypto trading platforms operating in the country, according to a new proposal by the country’s tax authority.Two months after Iranian President Hassan Rouhani’s call for a legal framework for crypto trading, INTA reportedly detailed the necessity of legalizing digital asset exchanges in a proposal quoted by the local media. Reminding Iranian regulators....
Hong Kong’s Treasury Secretary says the government is right to pursue restrictive crypto regulations in the city. Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury has defended the recent proposal by the city’s Financial Services and the Treasury Bureau to ban retail crypto trading.In a speech delivered at StartmeupHK virtual fintech summit on Thursday, Hui said that the proposal was in line with the government’s plan to properly police the emerging crypto market.As previously reported by Cointelegraph, the FSTB issued a proposal after months of consultation,....