The agency identified enforcement of digital assets as a growing problem.

The US Department of the Treasury has proposed extending to cryptocurrencies the requirement to inform the IRS about foreign accounts of citizens with assets over $ 50 thousand. If adopted, the new requirements will come into force in 2023 year.

“Tax Compliance and Enforcement of Digital Assets is a growing problem,” the document says. outlined a whole-of-government approach to addressing the risks and exploiting the potential benefits of digital assets and the underlying technologies.

Biden directed the US Treasury and other regulators to develop recommendations growing digital asset sector and changes in traditional financial markets. The President of the United States also ordered federal agencies to coordinate their actions in the field of cryptocurrency regulation.

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