How Tax Authorities Are Responding To Cryptocurrency

By Mark Rush, Claiborne Porter, Joseph Valenti and Simone DeJarnett (May 2, 2018, 1:39 PM EDT) -- The features that make cryptocurrencies attractive to their users — relative anonymity and mobility — have created heightened concerns with regulatory agencies in the United States and abroad. Recent enforcement actions highlight a growing focus by regulatory agencies on cryptocurrency businesses and an increased number of enforcement actions and prosecutions. In addition, there are reasons to expect that the scope and character of the violations alleged as part of these government actions may increase. While the vast majority of cryptocurrency-related enforcement actions have been related to anti-money-laundering and securities violations, both American and non-U.S. authorities have signaled that they are deeply concerned about the tax implications of greater adoption of cryptocurrencies without greater accountability procedures and transparency....

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