Joe Biden Administration's Proposal to Strengthen Tax Law Enforcement Includesrequirement to transfer to the Internal Revenue Service (IRS) information about cryptocurrency transactions in the amount of $10,000 or more. This is stated in the report of the US Treasury.
According to the authorities, digital assets are "a serious problem." They promote illegal activities, including tax evasion.
"The role of cryptocurrency transactions is expected to increase over the next decade.", - the report says.
The introduction of new rules will minimizethe possibility of concealing income, the Ministry of Finance specified. According to the document, the reporting regime will be extended "to foreign financial institutions, cryptocurrency exchanges and custodians."
"As with traditional transactions, businesses that receive cryptoassets with a fair market value above $ 10,000 will also be required to report them.", - emphasized in the department.
Presumably, the new measures will take effect from 2023.
Previously, the IRS clarified that US residents do not need to report the purchase of cryptocurrency on the first page of their Form 1040 return if they follow the Buy&Hold strategy.
Let us recall that in May 2021, the authorities explained that they consider digital assets as property that can be seized to pay off tax debts.
Where is it more profitable to buy and sell bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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