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He IRS has brought about a substantial transformation in the US blockchain sector by implementing a new tax reporting law for trading in “digital assets,” including cryptocurrencies, starting January 1, 2024.
In an effort to combat money laundering, individuals and businesses who receive $10,000 or more in digital assets are required to report the transaction (including names, addresses, SS numbers, etc.) to the IRS. within 15 days.
Coin Center, a crypto policy advocate, highlights the profound implications of the new regulation, noting that failure to comply with this “new crypto tax filing” will lead to felony charges, as emphasized by the company's CEO, Jerry Brito:
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