Cryptocurrency E-News: “News With a Purpose” Friday, 05/21/2021
Cryptocurrency tax reporting have been changed recently and individuals will now have to report not only the buying, selling, or using of cryptocurrencies as taxable cryptocurrency events, but individuals will have to report the cryptocurrency exchange balances that they have, business related uses of cryptocurrencies, and any business that has $10,000 cryptocurrency balance per MSNBC. We are able to see that while these reporting guidelines are for the United States tax reporting documentation, it is important to see what the reporting guidelines are in other countries.
Cryptocurrency exchanges are able to provide information necessary for account balances and for trades between fiat and cryptocurrencies. Other countries may have different cryptocurrency reporting. In South Korea, taxes were to be decided for trading between cryptocurrencies. It is interesting to note that with sound regulation, cryptocurrency will be seen as a possible option to the multiple options of payment options that exist.