More transparency: An illustration showing a physical banknote and coin imitations of bitcoin. A new rule in the US is set to force businesses to disclose trades of digital assets of more than US$10,000. ― AFP
NEW YORK: Sure, you might have to actually pay United States taxes on those crypto trades. But at least it will be easier to figure out how much you owe.
A new push by Congress to require crypto brokers to report transactions to the Internal Revenue Service (IRS) could create some unwelcome tax bills but could clarify rules for traders and users of bitcoin and other digital tokens, potentially strengthening the system in the long run, people in the industry said.
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