04.02.2018 First Swallow

It became known that the cryptocurrency platform Coinbase sent its users in the US 1099-K tax form.

According to company`s representatives, this form applies to those who exceeded the required threshold, namely, made more than 200 transactions or exceeded the total amount of transactions which is $ 20,000 during the year.
This also includes business accounts on the GDAX exchange, in particular accounts whose operations for selling cryptocurrency for cash exceeded the thresholds. At the same time, the platform’s employees explain, the innovation concerns only those who received digital money in exchange for the provision of goods or services, and does not affect miners or persons who transferred personal funds.
Social networks are seething with discontent. The main complaints are that users were not notified beforehand about such measures, and their data was passed to the tax authorities. In addition, ostensibly, the received documents indicate amounts that exceed the actual ones.
The discontent is understandable, but, no matter how sad it may seem, this development was predictable and inevitable. The state does not tolerate the movement of money “out in the left field.” Last week same news came from India. In Russia, the authorities are trying to curb the law regulating cryptocurrencies, which will entail taxation. Now China is not ready to work out an unambiguous policy on this issue. Conflicting news every week comes from South Korea.
The question is difficult, serious and important. We hope that all the same the regulatory legislation will be implemented within the framework of common sense, and will not inflict any serious blow on the industry, which is important not only from an economic, but also from a technological point of view.

 

 

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