Fidelity Investments Executive: "Clear Tax Rules for Digital Assets Are Urgently Needed"
Summary
- An executive at Fidelity Investments emphasized the urgent need for clear and consistent tax regulations in the digital asset industry.
- It was stated that the opacity of the current tax law is the cause of diminished innovation in the U.S. and capital outflow abroad.
- In particular, it was noted that the ambiguous taxation criteria for staking rewards is weakening the competitiveness of the U.S. digital asset industry.
According to the crypto-focused media outlet The Crypto Basic on the 16th (local time), Sarah Liley, Senior Tax Advisor and Vice President (VP) at Fidelity Investments, attended a U.S. House Committee on Ways and Means hearing and stressed, "Clear, consistent, and easy-to-understand tax regulations are urgently needed for the digital asset industry."
Sarah Liley specifically pointed out that the current tax law is complex and opaque, hindering innovation in the United States and causing capital to flow overseas.
She added, "For example, in the case of staking rewards, the lack of clear taxation and reporting criteria means many companies are already providing services abroad," indicating that tax uncertainty is weakening the competitiveness of the U.S. digital asset industry.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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