September 27, 2022

The US Treasury proposed to oblige citizens to report foreign crypto accounts with assets over $50,000

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The US Department of the Treasury has put forward a proposal to expand the requirement for cryptocurrencies to inform the IRS about the presence of accounts abroad with assets over $50,000.

At the moment, this rule does not affect digital currencies.

If approved, the new requirements will come into force in 2023.

The Treasury’s proposals also include efforts to apply the Foreign Account Tax Compliance Act to US exchanges.

Recall that the White House predicted additional revenues of $ 11 billion from taxes on cryptocurrencies until 2032.

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