One of the regulation issues that investors are most curious about is the crypto money tax. In the past, some steps were taken by the USA that pointed to the tax. Finally, on July 30, 2023, a court order regarding user information was submitted to the US-based cryptocurrency exchange Kraken.
In the forwarded order, the Federal Court ordered Kraken exchange to report users’ account and transaction information to the Internal Revenue Service (IRS). However, the IRS will be able to detect if any of the users have under-reported tax information. directly in the USA cryptocurrency tax Although the procedure is not applied, earnings are taxed on income tax.
US-based cryptocurrency exchangeshas recently come under pressure from regulators. It is thought that this court decision regarding the determination of income after the litigation processes may bring the tax issue, which was discussed in the past, to the agenda again. Kraken exchange, on the other hand, stopped certain services by making an agreement with the SEC after the lawsuits filed on its behalf.
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