Crypto businesses will be required to report transactions worth more than $10,000 to the IRS under the proposed crypto tax regulations, according to a report by Markets Insider on Thursday.
- A bipartisan deal agreed by senators and the White House late Wednesday imposed the measures to enhance tax enforcement around digital assets, a final addition to the infrastructure bill.
- The stricter regulations could bring in around $28 billion to offset elements of the $550 billion infrastructure deal.
- The proposed measures push crypto brokerages and exchanges to face heightened reporting requirements for all digital assets’ transactions of $10,000 or more to the IRS.
Both parties have been pushing for new crypto-tax measures after trading in cryptocurrencies took off over the past year. The price of the biggest digital currency, bitcoin, increased about 267% over the last one year to stand around $39,971 on Wednesday.
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