The tax authorities has brought about a substantial transformation in the US blockchain sector by implementing a new tax reporting law for ‘digital asset’ transactions, including crypto, effective January 1, 2024.
In an effort to tackle money laundering, individuals and companies that receive $10,000 or more in digital assets must report the transaction (including names, addresses, SS numbers, etc.) to the IRS. within 15 days.
Coin Center, a crypto policy advocate, highlights the profound implications of the new regulations, noting that failure to comply with this “new crypto tax reporting” will result in misdemeanor charges, as highlighted by the company’s executive director, Jerry Brito :
New reporting requirements for crypto taxes went into effect on January 1.
If you receive $10,000 or more in crypto, you are now required to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a criminal offense. pic.twitter.com/wyRsfJEpMo
— Jerry Brito (@jerrybrito) January 2, 2024
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