The crypto money bill that Joe Biden signed includes some changes, these changes are as follows.
“Aims to review structuring rules for information reporting requirements and other purposes applied to brokers regarding digital assets. Under current law, those engaged in digital asset mining, staking, digital asset hardware, providing software wallets or developing digital asset protocols may fall under the definition of ‘broker’ and may be subject to certain taxes.
“It will separate miners, stakers, wallet providers, developers and digital asset brokers from investors and allow brokers to report to the IRS.”
Currently, section 80603 of the law says:
“Return Requirement for Certain Transfers of Digital Assets Not Subject to Other Reporting.
Any broker (that is not part of a sale or exchange conducted by that broker) for one year in connection with, or known to, any transfer of security covered as a digital asset from an account held by that broker to an account not held by that broker. or an address unknown to a person who has reason to know is also a broker, in a manner to be determined by the Secretary for the calendar year in question, showing the information otherwise required.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
