The US Treasury announces new tax restrictions on cryptocurrencies

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The US Treasury announces new tax restrictions on cryptocurrenciesThe US Treasury announced Thursday that it is taking steps to reduce the risk of cryptocurrency markets and transactions, and said it would require any transfers of $10,000 or more to be reported to the IRS.

“Cryptocurrency already poses a significant problem by facilitating illegal activity on a large scale, including tax evasion,” the US Treasury said in its statement.

"This is why the proposal includes additional resources for the IRS to address the growth of crypto assets," she added. “Within the context of the new financial account reporting system, cryptocurrency exchange accounts, crypto-asset exchange accounts, and payment service accounts that accept cryptocurrency will be covered. Moreover, as with cash transactions, companies that receive crypto assets with a fair market value of more than $10,000 will have to report it to the tax authorities.”

Bitcoin reversed course shortly after the Treasury announcement and was last seen trading at 0.6%, after , increased by more than 9%.

Over the past month, a growing number of Wall Street analysts have sounded the alarm that regulators at the Treasury and the Securities and Exchange Commission may soon play a more active role in regulating cryptocurrencies.

The Treasury statement came as part of a broader announcement about the Biden administration's efforts to eliminate tax evasion and promote better compliance. Among the proposals officials are considering are boosting IRS funding and technology, and imposing tougher penalties on those who shirk their obligations.

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