Crypto Traders Wrestle With Export Deduction Qualification

Law360 (April 5, 2019, 7:54 PM EDT) -- Cryptocurrency sales may qualify for a substantial deduction on exports from the 2017 tax law, but dealers and traders face technical and legal hurdles to verify the geography of an asset that, by its very design, almost entirely exists on the web.

Companies that use cryptocurrency are trying to determine when a crypto is "used" offshore and to create a record verifying the location of the use as well as the user. Above is a bitcoin ATM in Hong Kong. (AP) U.S. Treasury officials admit they've barely begun to explore the definitional and practical questions surrounding cryptocurrencies while companies involved with cryptocurrencies begin...

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