The countdown has begun for a significant shift in the world of cryptocurrencies as a new US law gears up to reshape the landscape. Set to be enacted on January 1, 2024, this regulation mandates American businesses to collect personal information from individuals conducting digital asset transactions exceeding $10,000.
While hailed as a step towards transparency and taxation, this law has ignited fierce debates, legal battles, and concerns surrounding the potential infringement of individual financial privacy.
Upcoming US Crypto Law Sparks Debate
The IRS (Internal Revenue Service) now mandates that American businesses must file Form 8300 and report crypto payments of over $10,000. While seen as a move towards transparency, it has sparked legal battles about individual financial privacy.
The IRS has extended its oversight to digital assets space in recent years, with regulations requiring income and gains reporting. In 2021, a…
