The leaders of cryptocurrency exchanges call for more regulatory clarity at the crypto tax summit held by the US IRS.
Service US Internal Taxes (IRS) On Tuesday, March 3, a crypto-tax summit was held at its headquarters in Washington DC, in a panel discussion on cryptocurrency exchanges, executives asked the US IRS. greater regulatory clarity instead of a vague suspicion of the tax authority.
According to reports from various media outlets, the head of global tax information at Coinbase, Solulit Mukherjee, the director of global taxation for KrakenLisa Askenazy Felix, Jamison Sites, Washington National Tax Manager for RSM Tax LLP and John Cardone, Assistant Deputy Commissioner for Compliance Integration at the IRS were present at the discussion.
The Kraken executive said the cryptocurrency industry was still in its early stages and did everything possible to comply with the jurisdictions in which they operated.
Lisa Askenazy Felix, said:
"Because it is such an emerging industry, we are still trying to react to all these different developments in all these national jurisdictions in which we could be doing business and in all these foreign jurisdictions in which we could be doing business."
The head of global tax information for Coinbase, Solulit MukherjeeHe said that cryptocurrency exchanges and related institutions had every reason to cooperate with regulatory authorities. Mukherjee said:
"It is not beneficial for Coinbase or Ripple not to do the right thing."
According to exchange executives, the world of cryptocurrencies has seen a huge scrutiny by regulators compared to their size and darkness. The current regulatory environment is proving very costly for exchanges to continue their business in this nascent industry, particularly for new companies that are spending time and money to comply with US standards.
According to cryptocurrency executives, RSM national tax manager Jamison Sites said that all the big players like Coinbase, Kraken Y Ripple They were very new. The excessively regulatory environment is not justice for this industry. The sites said:
«Imagine if the email in the 80s, when all these new companies entered, imagine that the US Postal Service. come in and say hey, this is an illegal delivery ».
Askenazy Felix said:
"I think most of us in the room would agree that there is no clarity."
In response to an idea about the development of a central exchange data repository that would standardize that information and provide access to law enforcement, both Mukherjee and Felix said there is no risk that such a central database can be hacked and , as a result, lead to theft of confidential data and other privacy issues.
