Cryptocurrency, New Regulations, and the FATF

Cryptocurrency, New Regulations, and the FATF: The other issue the new regulations create may be a potential exposure risk for clients who are on the opposite ends of those transactions, especially since the potential for an audit trigger during this area thanks to these new standards is now bigger than ever, especially within the us . the simplest thing a consumer or business owner can do is to perform proper due diligence when performing a high volume of crypto transactions, or any great deal above the $1,000 reporting threshold. This involves maintaining accurate records of parties involved within the transaction like wallet addresses where the cash is being sent to/from, physical addresses, date and places of birth for the sender, and therefore the beneficiary names of the parties receiving the currency. Having proper identifying information available just in case your exchange falls in need of providing underlying information to authorities can potentially save on future tax burdens down the road. Non-compliance to those new standards, as we still navigate the ever-changing realm of digital currency, means you or your business can alright be those caught holding the bag when the IRS comes knocking.

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Cryptocurrency, New Regulations, and the FATF

Cryptocurrency, New Regulations, and the FATF : The other issue the new regulations create may be a potential exposure risk for clients who are on the opposite ends of those transactions, especially since the potential for an audit trigger during this area thanks to these new standards is now bigger than ever, especially within the us . the simplest thing a consumer or business owner can do is to perform proper due diligence when performing a high volume of crypto transactions, or any great deal above the $1,000 reporting threshold. This involves maintaining accurate records of parties involved within the transaction like wallet addresses where the cash is being sent to/from, physical addresses, date and places of birth for the sender, and therefore the beneficiary names of the parties receiving the currency. Having proper identifying information available just in case your exchange falls in need of providing underlying information to authorities can potentially save on future tax burd...
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