The IRS has brought about a substantial transformation in the U.S. blockchain sector by implementing a fresh tax reporting law for “digital asset” trades, including crypto, starting from January 1, 2024.
In a bid to crack down on money laundering, individuals and businesses receiving $10,000 or more in digital assets must report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days.
Coin Center, a crypto policy advocate, highlights the new regulation’s profound implications, noting that non-compliance with this “new crypto tax reporting” will lead to felony charges, as emphasized by the company’s executive director, Jerry Brito:
New crypto tax reporting obligations took effect on Jan 1.
If you receive $10k or more in crypto you now have an obligation to report the transaction (including names, addresses, SS numbers, etc.) to the IRS within 15 days under threat of a felony charge. pic.twitter.com/wyRsfJEpMo
— Jerry Brito (@jerrybrito) January 2, 2024
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