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White House Proposes Crypto Tax Reporting Requirements for Foreign Accounts
White House Proposes Crypto Tax Reporting Requirements for Foreign Accounts
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BTCCSquare news:
The White House has urged Congress to draft legislation mandating U.S. taxpayers to disclose foreign cryptocurrency holdings, framing the move as a measure to level the playing field for domestic crypto firms. The 168-page policy report argues that without such reporting requirements, American investors might shift assets offshore, putting local exchanges at a competitive disadvantage.
Beyond tax compliance, the document outlines sweeping recommendations for digital asset regulation—from stablecoin oversight to anti-money laundering safeguards. The proposals emerge as part of a broader effort to formalize crypto market structure while addressing concerns about illicit finance.
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