US Addresses Compliances Issues Surrounding Virtual Currencies

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The US IRS (Internal Revenue Service, the body responsible for taxation) has announced it is planning to address non-compliance in the use and trading of virtual currencies. The particulars have yet to be released, however the US IRS reassures taxpayers that is not advocating a voluntary disclosure program specifically covering virtual currencies such as bitcoin.

Simultaneously, the US Financial Industry Regulatory Authority (also known as FINRA) has similarly published a supervisory notice RN 18-20 which effectively commends any member firms of the FINRA to declare their digital assets for any current or projected business activities.