The U.S. Treasury Department has put forth new guidelines suggesting that crypto brokers be treated on par with those handling traditional investments, such as stocks and bonds.
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This initiative is meant to bridge the existing tax gap and “ensure that everyone plays by the same set of rules.”
Kristin Smith, CEO of the Blockchain Association, highlighted the significance of tax adherence in crypto dealings.
“If done correctly, these rules could help provide everyday crypto users with the necessary information to accurately comply with tax laws,” she said.
Yet, there are concerns. After all, crypto — compared to traditional assets — is unique. Smith emphasized the necessity for appropriately tailored regulations.