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US Crypto investors will need to report earnings
The Biden administration has revealed new measures that will require crypto investors to report their digital earnings to the US tax office
Cryptocurrency transfers of more than $10,000 will need to be flagged with authorities, as Biden moves to tighten regulations surrounding the currencies.
These new measures are designed to prevent tax evasion within the underregulated sector, and come one day after China revealed it would also be cracking down on the crypto market.
The price of Bitcoin fell 5 percent after the announcement, following a week of disastrous slumps for the world’s most popular crypto.
Chair of the US Federal Reserve, Jay Powell says authorities should be “paying attention to private-sector payments innovators who are not within the traditional regulatory arrangements applied to banks and other financial institutions”.