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U.S. Treasury calls for stricter cryptocurrency compliance with IRS

Treasury Secretary Janet Yellen speaks during the daily press briefing on May 7, 2021, in the Brady Briefing Room of the White House in Washington, DC.

Saul Loeb | AFP | Getty Images

The Treasury Department on Thursday announced that it is taking steps to crack down on cryptocurrency markets and transactions, and said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

“Another significant concern is virtual currencies, which have grown to $2 trillion in market capitalization,” the Treasury Department said in a release. “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”

“This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets,” the department added. “Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered. Further, as with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on.”

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