US Crypto Tax Reporting Law Takes Effect

A new crypto tax reporting law came into effect on January 1st, 2024, impacting digital asset transactions in the United States. The legislation mandates US citizens to report any digital asset transaction exceeding $10,000 in value to the Internal Revenue Service (IRS) within a 15-day timeframe. This development highlights the increasing regulatory scrutiny on the blockchain and cryptocurrency sectors, as authorities aim to enhance transparency and curb illicit activities. Market participants should be aware of these evolving compliance requirements to ensure adherence and avoid potential penalties.