FATCA Requirements for Crypto and Digital Assets

Will Crypto Asset Tax Reporting Fall Under FATCA?

On March 28, the US Treasury published its "Green Book. The IRS is anticipated to publish rules for information reporting in line with the legislation from the Infrastructure Bill. The proposal brings foreign holders of crypto and digital assets into the scope of FATCA tax reporting.

This means that crypto and digital asset companies will now be required to capture information on foreign persons holding crypto assets with FATCA certification forms.

The highly anticipated crypto regulations show the US Treasury's focus on creating clear regulatory guidance for tax treatments of crypto assets and virtual currencies, with the hopes that it would ultimately result in improving the consistency, transparency and compliance of crypto tax reporting.

Both the OECD and IRS are expected to publish final rules in 2022. TAINA’s Tax Reporting and Compliance Expert, Rasheed Khan, has compiled an informative and thought-provoking whitepaper on the implications of the Green Book and potential FATCA Requirements.

Throughout this whitepaper, Rasheed will answer your burning crypto regulation and reporting questions including:

• How will the Green Book proposal expand crypto tax reporting?

• What FATCA reporting obligations will crypto and digital companies have?

• Will Gross Proceeds be reintroduced under the FATCA requirements?

At TAINA we continue to monitor the crypto regulatory landscape. To find out more information on the recent crypto regulation changes fill in the form to download the whitepaper below or, get in touch with us today.