IRS continues to make proposals to improve crypto regulation

by in Cryptocurrency News


The United States Internal Revenue Service Commissioner De Lone Harrison said the IRS is still discussing the possibility of introducing new reforms to the taxation of crypto income. The state department proposes to apply new rules, approaches, and procedures for collecting taxes to a business that specializes in digital assets.

Related: Elon Musk urges the US to abandon plans for crypto regulation

The ministry said in a statement that IRS specialists are working on possible innovations in crypto-taxation to a specific area. We are talking about private entrepreneurs and companies specializing in the cultivation, purchase, and sale of cannabis. Harrison noted that for the IRS, developing new legislation that would regulate cryptocurrencies in the cannabis industry is a top priority.

It is known that in July of this year, the US Senate also proposed to tighten tax rules for digital assets. Experts suggest that the government purposefully wants to increase taxes on income and the use of cryptocurrencies in cooperation with many departments.