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Crypto brokers and cryptocurrency exchanges will be exempted from the implementation of new US legislation aimed at increasing the collection of taxes on the turnover of digital currencies. Now they are reporting transactions over $10,000 to the IRS, but the infrastructure bill comes into effect from 2023.
As part of the increase in tax collection, the US Department of the Treasury had to ensure the identification of all crypto transfers.
The document adopted by the Senate does not contain specifics, and in this form, not only exchanges and brokers, but also miners, node owners, smart contract developers, and wallet operators fall under the requirements for collecting information about transactions.
Almost all of the listed participants in the crypto industry cannot know the identity of those who are behind the numbers of anonymous wallets that receive and send transactions. Exchanges and brokers have this information, requiring clients to complete the KYC procedure.
However, there is a problem of withdrawing profit in the form of cryptocurrency to the wallet. By law, the tax authorities must know exactly the recipient of such a transfer, the addresses are anonymous and cannot be linked directly to the client. The US Treasury was supposed to resolve this issue, but apparently the finance department has no proposals so far.
Bloomberg journalists claim that cryptocurrency exchanges will meet the year 2023 without changes in their work. This raises the chances of a digital currency Christmas rally.
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