How Will Upcoming Cryptocurrency Regulations Affect Industry?

February 15, 2023

After years of talking about crypto, they now seem to be interested in more than just hinting at regulations and standards for digital assets. The IRS’s recent pivot to using Congress’ term of art “digital assets” to describe virtual currency is a great example. But what will those regulations be, and how will they impact organizations engaged in the exchange of digital assets? For example, under the IIJA digital asset brokers are required to file Forms 1099 with the IRS and provide copies to customers. By imposing rules requiring the disclosure of high-value transfers of digital assets, Congress is seeking to put up informational guardrails around digital assets.

The source of this news is from TaxBit