The Dawn of a New Era – BitCoin and CryptoCurrencies

Regulators globally are getting serious…really serious.  Last year, I said that there was a window in which the worlds of CryptoCurrency and BitCoin could operate in a relative vacuum.  I accurately predicted that the window would close by the end of 2017…and it has.
Welcome to the New Era.  Welcome to a world in which every Securities Regulator, Monetary Authority and Tax Collector will monitor, evaluate and potentially prosecute bad actors in this space.

The IRS had initially asked Coinbase in July 2017 to hand over even more detailed information on every one of its then over 500,000 users in an attempt catch those cheating on their taxes. However, another court order in Nov. 2017 reduced this number to around 14,000 “high-transacting” users, which the platform now reports as 13,000, in what Coinbase calls a “partial, but still significant, victory for Coinbase and its customers.”

On Friday, Coinbase told the around 13,000 affected customers that the company would be providing their taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.

Tax Collectors do not play games and generally operate within their own rules and frameworks.  Anger them at your own peril.

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