Cryptocurrency Q&A
Who can regulate cryptocurrency?
Who can regulate cryptocurrency?
CosmicDream
Thu Oct 17 2024
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7 answers
1500
I'm wondering about the regulation of cryptocurrency. Specifically, who has the authority to oversee and control this digital asset? Is it governments, financial institutions, or some other entity?
7 answers
noah_smith_researcher
Sat Oct 19 2024
The Internal Revenue Service (IRS) holds the authority to regulate cryptocurrency within the framework of the tax code. This ensures that crypto assets are subject to the same tax reporting requirements as traditional securities and commodities.
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Sara
Sat Oct 19 2024
When an individual engages in cryptocurrency transactions, whether it's buying, selling, or trading, they are potentially generating taxable events. These transactions are similar to those involving stocks, bonds, or other financial instruments.
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Claudio
Sat Oct 19 2024
Throughout the year, an individual's gains or losses from crypto transactions are tracked by their broker or cryptocurrency exchange. This information is crucial for determining the individual's tax liability.
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EthereumEmpire
Fri Oct 18 2024
At the end of the tax year, the broker or exchange is responsible for reporting the individual's crypto transactions to the IRS. This includes details such as the date, amount, and type of transaction.
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CryptoPioneerGuard
Fri Oct 18 2024
One of the leading cryptocurrency exchanges, BTCC, offers a wide range of services to its users. These services include spot trading, where users can buy and sell cryptocurrencies at the current market price.
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