US Internal Revenue Service expected to release revised crypto guideline soon

Posted 08 July, 2019

The market is likely to ger revised cryptocurrency guideline in the USA. The US Internal Revenue Service is about to unveil the new edition of the guideline aimed at the crypto segment in the near term.

According to the news reports, the authority has revised the rules on demand from the US congressmen that pushed for clearer taxation on crypto assets.

The previous document was approved back in 2014 in which crypto assets are considered as virtual currencies and property. However, the main point is that the authority does not determine cryptocurrencies as the legal means of payment.

The authority sent a letter to one of the congressmen saying that the revised guideline will cover tax assessment process and other issues. This gives reasons to believe that it possible that the status of the crypto assets can be revised as well. However, the new content of the guideline is yet to be unveiled.

At the same time, the crypto community state that the US authorities fail to provide clear determination for the regulation which only hampers the development of the technology. 

The representative of IRS already commented that the new edition of the rules will shed the light on the basic cost calculation and taxation on the assets from hard forks. 

Notably, it was also proposed that crypto-to-crypto exchange and fiat withdrawals up to $600 should not be subject to taxation under new rules.

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