White House: "Mandatory Reporting of Overseas Virtual Asset Accounts for Americans Needed"
JH Kim
Summary
- The White House stated that it is necessary to mandate Americans to report their overseas virtual asset accounts.
- It was reported that this could help prevent overseas transfers of virtual assets by U.S. citizens and protect domestic brokers and exchanges.
- The measure was also said to strengthen transparency in the virtual asset market and help prevent tax evasion.
According to Decrypt, a virtual asset (cryptocurrency) media outlet, on the 30th (local time), the White House stated in a virtual asset policy report that legislation is needed to mandate that U.S. taxpayers must report their overseas virtual asset accounts.
The Trump administration believes that this measure can prevent U.S. citizens from transferring virtual assets abroad and also serve to protect domestic brokers and exchanges.
The report added that such measures can also contribute to strengthening transparency in the virtual asset market and preventing tax evasion.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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