Cryptocurrency exchanges urge IRS to make taxation more transparent

At a meeting held on March 3, representatives of U.S. cryptocurrency exchanges called on the country's Internal Revenue Service(IRS) provide more transparent cryptocurrency tax rules.

At the Virtual Currencies Summit held byIRS, delivered by Coinbase's Global Tax Director, Sulolit Mukherjee, and Kraken's Global Tax Office, Lisa Askenazy Felix.

The meeting was also attended by taxRSM Tax Manager Jamison Sites and Assistant Deputy Commissioner for Regulatory Integration John Cardone. The main subject of discussion was the transparency of tax requirements put forward by the IRS.

Representatives of cryptocurrency exchanges askedtax authorities provide more transparent tax guidelines. They emphasized that the ever-increasing regulatory burden on companies makes working in this country unprofitable.

“I think that most of those present will agree that there is no transparency,” said Askenazi Felix.

Interestingly, the IRS offered cryptocurrencyexchanges to create a centralized data warehouse and standardize information, however, company representatives reacted to this idea sharply negatively, noting the security problems and business interests.

“We will not support the massive transfer of our information, all information about our customers, to some centralized database,” Askenazi Felix emphasized.

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