Summary
- The US House's announced tax reform bill could potentially promote virtual asset adoption.
- The new remittance tax provision does not apply to P2P transactions and self-custody developers, and users may enter the virtual asset industry to avoid taxation.
- It could be an important victory for the industry by avoiding excessive regulation on decentralized finance (DeFi).
There are claims that the tax reform bill announced by the US House could unintentionally benefit the virtual asset (cryptocurrency) industry.
On the 14th (local time), 'CryptoAmerica' stated, "The remittance tax (5% tax on overseas remittances) provision in the tax reform bill released by the US House has amplified the industry's concerns about government surveillance," but also noted, "Conversely, there is a possibility that virtual asset adoption could be promoted as a benefit."
The media outlet said, "According to the current draft of the bill, the tax does not apply to peer-to-peer (P2P) transactions and is not imposed on self-custody developers," adding, "As a result, users who used traditional remittance methods may enter the virtual asset industry to avoid taxation." It further stated, "This could be an important victory for the industry that has been concerned about excessive regulation on decentralized finance (DeFi)."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
