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Reporting obligations for crypto asset transfers over $ 10,000: US Treasury

Cryptocurrency

The US Treasury requires companies to report to the Internal Revenue Service (IRS) when sending crypto assets (cryptocurrencies) in excess of $ 10,000.

This requirement is equivalent to sending more than $ 10,000 in US dollars. A Treasury report mentions crypto assets and cash as potential ways to hide income.

“Currently, crypto assets account for a relatively small percentage of corporate revenue, but crypto assets trading is likely to become more important in the next decade, especially with the introduction of a broader financial account reporting system.” Ministry of Finance report)

Currently, US regulators are increasing their scrutiny of crypto assets.

In November, the Financial Crimes Enforcement Network (FinCEN) proposed lowering the standard for banks to collect and store information on money transfers, raising the standard for the transfer of crypto assets or cash outside the United States from $ 3000 to $ 250. Reduced to dollars.

Furthermore, in December, FinCEN issued a rule “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets” that requires crypto asset exchanges to collect information on trading partners when sending to “non-hosted wallets”. Proposed.

| Translation: coindesk JAPAN
| Editing: Takayuki Masuda, Shigeru Sato
| Image: Shutterstock
| Original: US Treasury Calls for Businesses to Report Crypto Transfers of More Than $ 10K to the IRS

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