Cryptocurrency exchanges have called on the IRS to make taxation more transparent

At a meeting held on March 3, representatives of us cryptocurrency exchanges called on the country’s Tax administration (IRS) to provide more transparent rules for taxation of cryptocurrencies.

At the Summit on virtual currencies held by the IRS, the head of global taxes of the Coinbase exchange Sulolit Mukherjee and the head of the global tax office of the Kraken exchange Lisa askenazy Felix spoke.

Also present at the meeting were RSM Tax Manager Jamison Sites and assistant Deputy Commissioner for regulatory integration John Cardone. The main topic of discussion was the transparency of tax requirements put forward by the IRS.

Representatives of cryptocurrency exchanges asked the tax service to provide more transparent guidelines for paying taxes. They stressed that the increasing regulatory burden on companies makes it unprofitable to work in this country.

“I think most of those present will agree that there is no transparency,” Askenazi Felix said.

Interestingly, the IRS suggested that cryptocurrency exchanges create a centralized data warehouse and standardize information, but representatives of companies reacted sharply negatively to this idea, noting security problems and business interests.

“We will not support the massive transfer of our information, all information about our clients, to some centralized database,” Askenazi Felix said.