Top Exchanges Ask the IRS To Provide Clarity In Tax Regulation For Crypto At Summit

2020-3-4 18:26

Crypto exchanges led by Kraken and Coinbase have aired their views to the U.S Internal Revenue Service (IRS) in an ongoing tax summit. The representatives called for more clarity within the crypto environment to enable innovations in this industry to thrive.

According to the panel discussions on March 3rd, crypto exchanges are pushing for a tax defined regime as opposed to ‘suspicious’ hunts by the IRS. The Washington D.C held summit was graced by crypto stakeholders; some notable mentions include Sulolit Mukherjee and Lisa Askenazy Felix who are the global tax heads of Coinbase and Kraken exchange respectively.

This event’s chief agenda is to address the ambiguity around virtual currency operations. Sulolit noted that it is a positive sign for the crypto community given previous hurdles with the IRS;

“I think the willingness of the IRS to engage us in conversations like this is a very healthy sign.”

Crypto Exchanges’ View on Taxation

The crypto stakeholders attending this summit spoke in one voice in regards to IRS clarifying their tax obligations. According to them, the industry has faced more scrutiny than it should have; Kraken’s, Askenazy, echoed that this is unnecessary as the industry is still small;

“Even the biggest companies within our space are really not the huge, publicly reported companies right now.”

In addition, crypto exchanges argued that they are still trying to adopt to the business style and legalities in new jurisdictions. Therefore, the tax man ought to take a more communicative approach for crypto businesses to thrive as opposed to an unfriendly strategy. Sulolit further highlighted there would be no need for a serious crypto project like Ripple or Coinbase to be non-compliant if there was more clarity from the IRS.

Suggested Solutions and their Practicality

Given the underlying challenges, the crypto exchange reps were floated the idea of a central data depository platform that law enforcement can access. This was however quickly shut down by both Askenazy and Sulolit;

“We would not be in favor of wholesale providing our information, all of our client information, to any centralized database,”

Citing security and privacy issues in the event of a hack.

Another proposition was for crypto exchanges to provide tax reporting services as they are best suited for this industry. Askenazy said that Kraken is planning to scale in this direction but is yet to kick off any developments.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0089086 (-100%)

crypto summit tax clarity exchanges irs called

Источник: bitcoinexchangeguide.com

crypto summit → Результатов: 126


Фото:

20-22 марта в Москве пройдет четвертый Crypto Summit

Новая концепция с дополнительным днем для VIP-гостей и государственного сектора ожидает гостей следующего Crypto Summit, который пройдет 20-22 марта в Москве на площадке МТС Live Холл.

2023-12-26 09:20


13-14 сентября в Москве состоится третий Crypto Summit

13-14 сентября состоится Crypto Summit, посвященный криптовалютам и блокчейну. Мероприятие пройдет на одной из самых больших площадок Москвы МТС Live Холл, дважды вошедшей в Книгу рекордов Гиннесса.

2023-5-24 10:58


G20 Refrains from Regulation, Vows to Fight Money Laundering at Recent Summit

At the last G20 summit in March 2018, financial leadership from twenty of the world’s most significant economies had wildly divergent opinions about the validity and risk of cryptocurrencies. While some countries feared that official actions by the group would provide more legitimacy than the relatively new currencies deserved, others worried that an unregulated crypto […] The post G20 Refrains from Regulation, Vows to Fight Money Laundering at Recent Summit appeared first on CryptoSlate.

2018-7-28 05:00


ImmVRse Exhibit Groundbreaking Platform At Blockchain Summit in London

ImmVRse has distinguished itself in the blockchain sphere through a string of watershed moments and milestone accomplishments, including a recently concluded private sale. However, it was the event which took place in Olympia London  from 26th and 27th June that left a long lasting impression on the crypto community, making waves long afterwards. Disclosure: This […]

2018-7-10 17:30


Google Co-Founder Sergey Brin Mines Ethereum (ETH), Calls Cryptos A “Technological Renaissance”

It has been recently revealed that the Co-Founder of Google and current President of Alphabet Inc., mines ethereum along with his 10-year-old son. This piece of information, along with others that will be found in this article, are quoted from the Blockchain Summit at Sir Richard Branson’s island. Now that Brin is becoming a crypto […]

2018-7-9 11:15


Tim Draper a VC Visionary and author will organize a fireside chat, booking signing and giveaway at crypto invest summit returning to LA this fall

This fall’s Summit promises to be even bigger and better, with more venue space to hold the expected 5,000+ of the Who’s Who in blockchain. The event will feature a 60,000 square foot convention floor, a lively, fun-filled kickoff party, 200+ speakers, two stages, 40+ ICO pitches, an exhibition, and networking expo party. The event

2018-6-28 17:31


VC Visionary and Author Tim Draper to Hold Fireside Chat, Book Signing and Book Giveaway at Crypto Invest Summit Returning to LA this Fall

VC visionary, blockchain investor and best-selling author Tim Draper returns to the Crypto Invest Summit, the West Coast’s largest conference and expo for crypto and blockchain enthusiasts. The post VC Visionary and Author Tim Draper to Hold Fireside Chat, Book Signing and Book Giveaway at Crypto Invest Summit Returning to LA this Fall appeared first on CoinSpeaker.

2018-6-28 23:40


VC Visionary Tim Draper: Bitcoin and Blockchain Future is Bright and will Transform Society

Crypto investor Pioneer and Author to Hold Book Signing and Fireside Chat at Crypto Invest Summit (Los Angeles, Calif) June 27, 2018–Cryptocurrency isn’t going away and will be one of the three or four major currencies in the world, says Tim Draper, an early crypto investor who will be speaking and signing books at the […]

2018-6-27 19:00


Фото:

Congressman Tom Emmer praised the SEC for clarifying that Ether is not a security

Congressman Tom Emmer has praised the U.S. Securities and Exchange Commission (SEC) for clarifying that ethereum’s native cryptocurrency, ether, is not a security. As previously reported, the SEC’s director of Corporation Finance, William Hinman, told the audience at the Yahoo! All Markets Summit: Crypto conference last week that “current offers and sales of ether are

2018-6-23 22:16


Bitcoin [BTC] and Ethereum [ETH] deemed non-securities by the SEC

William Hinman, The Head of the Division of Corporation Finance at the SEC, in a speech at the Yahoo All Markets Summit, a Crypto conference in San Francisco said: “Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current offers and sales of ether are not securities transactions,” Hinman […]

2018-6-16 12:18


SEC США заявила, что эфир не ценная бумага

Курс эфира взлетел на 10% после того, как представитель Комиссии по ценным бумагам и биржам США (SEC) заявил, что не рассматривает криптовалюты в качестве ценных бумаг. Об этом сообщает Coinspot. «Выступая на саммите Yahoo All Markets Summit: Crypto, Уильям Хинман, директор по корпоративным финансам SEC, сказал, что его ведомство не рассматривает биткоин или эфир как ценные бумаги», […]

2018-6-15 13:19


Фото:

SEC: ethereum и bitcoin — не ценные бумаги

Комиссия по ценным бумагам и биржам США (SEC) заявила, что ethereum и bitcoin не являются незарегистрированными ценными бумагами, это товар. Таким образом, ведомство подтвердило законность виртуальных валют.

2018-6-15 12:24


Фото:

SEC: криптовалюта полностью законна

Комиссия по ценным бумагам и биржам США (SEC) заявила, что ethereum и bitcoin не являются незарегистрированными ценными бумагами, это товар. Таким образом, ведомство подтвердило законность виртуальных валют.

2018-6-15 12:24


SEC: Ethereum не является ценной бумагой

Комиссия по ценным бумагам и биржам США (SEC) не планирует классифицировать Ethereum и биткоин как ценные бумаги. Об этом заявил директор по корпоративным финансам комиссии Уильям Хинмэн на саммите All Market Summit: Crypto в Сан-Франциско, сообщает Yahoo Finance.

2018-6-15 09:50


SEC : Эфир — не ценная бумага

Курс эфира взлетел на 10% после того, как представитель Комиссии по ценным бумагам и биржам США (SEC) заявил, что не рассматривает криптовалюты в качестве ценных бумаг. Выступая на саммите Yahoo All Markets Summit: Crypto, Уильям Хинман, директор по корпоративным финансам SEC, сказал, что его ведомс...

2018-6-15 09:03


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.