May 14, 2019 / Law

US Watchdogs Want To Enact A Tax Exemption On Cryptocurrency Transactions Which Amount Less Than $ 600

token law

Token Taxonomy Act, which was recently resubmitted to the US Congress, will potentially exempt transactions of less than $ 600 from taxes. This was announced at the conference Consensus by the executive director of the organization Coin Center Jerry Brito.

So, the law provides for a change in some points in taxation. In particular, if the income from operations with cryptocurrencies does not exceed $ 600, the owner of digital assets is not obliged to report profits to the US Tax Administration.

At the same time, Brito noted that regulators may require information on capital gains when using digital currencies to purchase simple things, such as a laptop or plane tickets.

The authorities can also request such information when entering into a contract using a smart contract, when this implies an Ethereum cost.

Recall Token Taxonomy Act was introduced first in Congress in December last year. It involves the exclusion of tokens from the definition of securities, approved in the 30s of the last century.

In April, a new, revised version of the document was presented to congressmen.


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