The cryptocurrency industry has recently received a lot of attention from multiple institutions. This has been due to changes in the financial system as well as collaborations between the fintech and the mainstream world.
To discuss the regulations surrounding the industry, the Internal Revenue Services [IRS] has called on a meeting with cryptocurrency companies and its proponents. The IRS has been closely monitoring the updates in the cryptocurrency field and has made several comments on its growth, The body has also worked with other agencies such as the Securities and Exchange Commission [SEC] to oversee the cryptocurrency industry.
According to reports from the IRS, the meeting will be conducted on March 3 to discuss how the agency can “balance taxpayer service with regulatory enforcement”. The meeting is expected to yield results that will generate more interest in the field due to more solid regulations. During the duration of the meeting, the agency is expected to conduct 90-minute panels on issues for cryptocurrency exchanges, tax return preparation and technology updates.
The agency has stated that another clear cut mission of the meeting is to solidify its stance on cryptocurrency tax evasion. Sources close to the IRS had said that many companies were able to swindle money because of the tax rules. Panelists from various industry sectors will engage with each other to bring about debate and more solutions.
The roster for the event consists of IRS personnel from a spectrum of tax administration as well as individuals from bureaus within the Department of Treasury. Cryptocurrency companies have rejoiced at the fact that the government was taking some initiative to listen to their arguments. This meeting is expected to produce more traction for the cryptocurrency industry in the coming months.
Meanwhile, the Financial Conduct Authority [FCA] has caused some problems for EPayments Systems. Due to the FCA’s AML regulations, over a million EPayments Systems accounts had been frozen. Due to the freeze, new customers can also not join in, Existing customers will not have any sort of access to their respective accounts with an unknown revert time.