The Consumer Financial Protection Bureau (CFPB) has proposed regulations that would subject digital wallets and payment apps with over 5 million transactions annually to banking-like oversight. This would impact about 17 companies, including Alphabet $GOOG and Apple, accounting for 13 billion payments per year. Meanwhile, in response to the crypto boom, Turkey is considering new rules to address licensing and taxation for cryptocurrencies in an effort to be removed from the Financial Action Task Force's (FATF) 'grey list'. Over 40 countries have agreed to implement a crypto reporting framework mandated by the G20, and there are tax-related initiatives in Europe and the U.S. imposing new reporting requirements on digital asset market participants. The IRS has received over 120,000 comments on a proposal outlining how crypto brokers and investors would report transactions to the agency, sparking concerns about privacy and civil rights violations.
Turkey is Considering a New Crypto Law that Would Regulate Licensing and Taxation https://t.co/xkJtuYFuY8
📣 Latest News: Turkey mulls addressing licensing and taxation in new crypto rule #news #cryptonews #crypto
Turkey mulls licensing and tax measures for crypto, aiming to shed gray-list status. https://t.co/QGm4WgJgJK
"If the broker rule proceeds as is, it will surely spell the near-total collapse of the crypto industry in the United States," writes @BlockchainAssn CEO @KMSmithDC and @fund_defi CEO Miller Whitehouse-Levine. Opinion for #TaxWeek, presented by @TaxBit https://t.co/2WYQ5CSyat
In Europe and the U.S., there are a host of tax-related initiatives placing new reporting requirements on digital asset market participants, writes TaxBit's @CryptoErin. #TaxWeek, presented by @TaxBit https://t.co/lklzC0jlk5
Over 40 countries have agreed to implement the #crypto reporting framework developed as mandated by the #G20. https://t.co/fmxUMxJmt0
The country seeks to get out of FATF's "grey list" by putting more regulatory burden on crypto https://t.co/TBI9EqucXv
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/dgVXmWVvH4 https://t.co/bcV7FfSd34
40+ Countries Implementing International #Crypto Reporting Framework https://t.co/fmxUMxIODs
More than 120,000 comments have come in regarding an IRS proposal that maps out how crypto brokers and investors would report transactions to the agency. @thebitcoincpa takes a look for #TaxWeek, presented by @TaxBit: https://t.co/oZxArgYiSu
48-Nation Bloc To Crack Down On Using Crypto Assets To Avoid Tax https://t.co/Z527xwPCjc
Don't understand why the @IRSNews broker rule is existential for crypto? It creates a honeypot of sensitive financial data, violates users' privacy and tramples on civil rights @Valkenburgh @CoinCenter tells @danielgkuhn for #TaxWeek, presented by @TaxBit https://t.co/MweC4nUwaU
Blockchain Association Senior Counsel @MTCoppel breaks down what the IRS's proposed crypto tax reporting requirements gets wrong. Opinion for #TaxWeek, presented by @TaxBit https://t.co/1vMmWlF0Y2
What’s in Your (Digital) Wallet? The CFPB Seeks to Supervise Digital Wallets and Payment Applications https://t.co/poG3AHBRBD
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/2LhMZHvJDn https://t.co/L6JfJOVAwO
The CFPB Wants To Regulate Crypto, Here's How https://t.co/eiLHVG0Is6
Turkey's crypto rules seen addressing licensing, taxation after boom https://t.co/zftabJ1OCm https://t.co/5lExwftzoH
. @David_Kemmerer anticipates the consequences of proposed new regulations on brokers reporting crypto transactions. Pricey “tax experts” are set to benefit, he says, even if ordinary investors won’t. Opinion for #TaxWeek, presented by @TaxBit https://t.co/dEw1RH5vBG
Digital wallets and payment apps with more than 5M transactions per year would be regulated like banks and credit unions, according to a proposed rule from the CFPB. The proposal would cover ~17 companies accounting for 13B payments annually, such as Alphabet $GOOG, Apple… https://t.co/2qPiCHdWAo