U.S. seeks to have cryptocurrency transfers above $10k reported to IRS - Treasury

FILE PHOTO: A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

(Reuters) - The Biden administration's tax enforcement proposal unveiled on Thursday includes a proposed requirement that cryptocurrency transfers over $10,000 be reported to the Internal Revenue Service.

"As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on," the Treasury Department said in a report released alongside its wider proposals aimed at improving tax collection.