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The IRS seems keen on getting a hold of people’s crypto and taxing it which to me, makes no sense. Most people are using already taxed earnings so to me, they are just looking to take even more money from us which is not right. I can’t stand these people who steal from the poor to pay the rich. I am not talking about the rich in the sense of people making a few hundred thousand a year or even a few million a year but the ones who are making millions if not billions each and every year.
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I think they want to keep people from skipping out on taxes or using crypto for illegal things (buying unmarked guns, drugs, child trafficking, etc. online). I understand the concerns around this stuff but they need to allow people to have their privacy. I am not fully versed on this Act or what it does though.
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The easiest way of explaining it is that crypto in and of itself is considered an asset and when you move assets, it is considered a transaction of goods that may or may not be deemed taxable or held to taxation.
How in practice the law is applied to crypto-centric businesses is no different than other financial businesses that come under BSA regulations. Both non-crypto and crypto businesses share the need to create BSA-complaint policies and practices that are proportionate to the risk involved in transactions. Which means as a rule of thumb that smaller crypto businesses with only local customers for example require fewer AML safeguards than large financial institutions. But whatever the size of the business the impact of regulation can be reduced to two basic points, that crypto businesses must both have a robust AML/KYC program, which stands up to independent scrutiny – and that the business complies with four practical requirements of AML regulation.
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The laws are going to keep changing as the years go on, especially in the US. The government will find any means they can to scrape off the top and make a profit off the backs of others. That is what they do. They are scum. Just protect your assets and investments the best you can!
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