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Biden signs digital currency tax law; U.S. senators seek law reform


US President Joe Biden signed a bill yesterday into a tax on digital currency businesses, and it can now be said that the bill has become a formal law. However, some U.S. senators are still working to amend parts of the bill that apply to digital currency businesses by introducing new proposals.

to the Report Biden’s CoinDesk signed a $ 1 trillion bipartisan infrastructure investment bill on Monday. The controversial part of the bill states that businesses operating in the field of digital currency must submit tax reports.

The digital currency industry has previously expressed concern about the need for businesses operating in the field to file tax returns. The digital currency community was concerned that the definition of “digital currency broker” in the text of the bill was too broad and required many businesses to file tax returns with the US Treasury Department. The bill obliges all businesses known as digital currency brokers to report their transaction information under the current tax code.

Proponents of the digital currency industry are concerned that the breadth of the definitions in the text of the law could lead to tax reporting by institutions such as miners and even parties that have virtually no role in digital currency transactions.

Wyoming Republican Sen. Cynthia Lummis and several other senators are now working to tighten the ban on digital currency brokers in a separate bill passed yesterday.

Lumis said:

Given that the Infrastructure Investment Bill is about to become law, it is important to support innovation in the digital currency space. In the bill [جدید] We have made it clear that developers are active in the field of blockchain and wallets [ارز دیجیتال] They will not be required to file a tax return.

The digital currency industry also opposes another section, according to which recipients of transactions over $ 10,000 must verify the sender’s personal information, social security number, transaction nature and other information, and submit the transaction to government agencies within 15 days. Report.

Some jurists have previously warned that enforcing the law is almost impossible for currencies and other digital assets such as counterfeit tokens (NFTs).

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