Cryptocurrency is no longer a new asset — it’s been around since 2009 — and the number of individuals and businesses who own or use cryptocurrency and NFTs, and the underlying blockchain technology, continues to increase with each passing year. Remarkably, the U.S. and most other countries are still only beginning to regulate the taxation of this “new” asset class.
Gray Reed attorney Joshua Smeltzer recently published an article in Law360 Tax Authority reviewing the current and proposed reporting and enforcement rules, and what worldwide regulation of digital assets might look like in the future. A reprint of the article is available here.