In October 2019, the Internal Revenue Service offered its first guidance on cryptocurrency reporting standards in nearly five years. As digital investments become more commonly accepted, the need for regulation and guidance becomes clearer. Issues such as how to classify cryptocurrencies and how a transaction’s purpose impacts reporting standards are currently being addressed across the globe as governments work to develop protocols that organize this rapidly developing field. This note analyzes the developing reporting standards of select countries and the potential impacts on use as cryptocurrencies become more mainstream as a potential investment and method of payment.
David C. McDonald,
Coining New Tax Guidance: How the IRS is Falling Behind in Crypto,
28 U. Miami Int’l & Comp. L. Rev.
Available at: https://repository.law.miami.edu/umiclr/vol28/iss1/8