Highlights From The IRS Virtual Currency Summit

in DLIKE7 months ago (edited)

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Engagement with Agencies Continue

As the peak of the Tax Season approaches, the IRS in the United States recently had a Virtual Currency Summit which included many participants to discuss and acknowledge the difficulties of dealing with the taxation of cryptocurrencies given the unclear guidance provided over the years. Given that even the Crypto space has evolved since bitcoin was the only asset, more changes will be expected to be seen from agencies over time.

The fact that the asset class continues to attract the attention of these agencies is a key factor in the potential future adoption of the assets. However, many clarifications are needed as most agencies continue to treat the assets like prior traditional assets despite clear indications that they should be treated differently. In fact, we continue to see that government agencies continue to treat the same assets different as seen with the way the SEC, the CFTC, and the IRS categorize most of them.

In addition to the government agencies, it is great to see others provide their thoughts as many organizations like exchanges, tax preparers, and even accounting organizations continue to participate in the new asset class. However, many continue to seek uniform approaches to how they view the assets as not doing so can lead to complex transactions between organizations, individuals, and government agencies. Compliance continues to be a challenge for those on the sidelines as they consider to participate in the asset class.

Although the steps taken are still small, the fact that these meetings and discussions are happening is encouraging as they will slowly lead to improved clarity. Clarifying many of these challenges will then lead to adoption as risks of noncompliance are reduced. While challenges will remain in the short term due to external forces, the path forward remains intact for adoption of cryptocurrencies for more than just speculation. Use cases continue to grow and may find ways to exceed the traditional markets in the long term.

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