2018 may be the year in which new regulatory measures regarding cryptocurrencies will be implemented. While some countries welcome it, others are cautious and apprehensive about cryptocurrency technology and how it is going to affect the world of business and finances.
Because current virtual currencies, including the most popular Bitcoin, operate outside of the conventional financial system, regulators are concerned about money laundering, terrorist financing, tax evasion, fraud and others illicit activities. The anonymity that makes cryptocurrencies attractive to users has thus raised concerns among the regulatory agencies in the United States and abroad. Countries with large cryptocurrency markets fear that widespread tax noncompliance may exist among cryptocurrency users.
Within the coming months, the US tax authorities will review the valuation, regulation and taxation of cryptocurrencies in order to effectively monitor and understand the various aspects and results of the use of cryptocurrency technology.
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HAYMAN-WOODWARD PLLC is a Washington (D.C) based law firm, specializing in immigration and federal tax laws. All legal services are provided by duly-licensed attorneys in each jurisdiction.