A draft of a new tax framework has recently been revealed in the United States, indicating a significant shift in how the government treats digital assets. These new rules aim to close tax loopholes and provide greater clarity for both investors and businesses.
Key points of the new draft law:
* A broader definition of intermediaries: The draft seeks to classify a wide range of crypto platforms as "intermediaries", requiring them to report user transactions to the Internal Revenue Service (IRS).
* Strict Disclosure Requirements: Platforms will have to provide detailed reports including purchase and sale prices and realized gains or losses for each user.
* Targeting Tax Evasion: This shift aims to address what the government describes as the "tax gap" resulting from unreported transactions in the digital asset market.
How will this change the rules for investors?
* Ease of Calculation: On a positive note, investors may receive ready-made tax forms from platforms (similar to Form 1099), making the annual filing process easier.
* Loss of Privacy: Transactions will become more transparent to government entities, reducing the appeal of anonymous trading.
* Increased Administrative Costs: Trading platforms may have to raise fees to cover the costs of compliance with the new complex regulations.
Reactions from the Crypto Sector
The draft has raised concerns within the digital currency community, where some believe that:
* Stifling Innovation: Strict regulations may drive fintech companies to leave the United States and seek more flexible regulatory environments.
* Technical Ambiguity: There are questions about how these rules will apply to "decentralized finance" (DeFi) and self-custody wallets, where there is no central "intermediary" to carry out reporting.
Summary:
This draft represents the end of the "Wild West" era in crypto taxes in America. While some see it as a necessary step to recognize digital assets as part of the formal financial system, others fear it may hinder the sector's growth and technical development.