New taxes on cryptocurrencies to be implemented by the US Treasury Department

The United States Department of the Treasury maintains the position of applying new taxes on cryptocurrency operations and related activities

The US Treasury Department reiterated last week the Joe Biden government’s intentions to apply new tax rules to cryptocurrency transactions and related activities.

Among the measures, “the illegalization of wash-trading and the imposition of a special tax on electricity costs for cryptominers” have been mentioned.

The measures were first mentioned in 2023, when Biden called for more crypto taxes. Now, the Department wants to impose a special tax on “any company that uses computing resources… to mine digital assets” of 30 % of the electricity costs used for mining.

If the proposal is approved, crypto miners will be required to “declare the amount and type of electricity used, as well as the cost, when acquired externally.”

The measure would apply even to miners who rent equipment, who must present the electricity values. On the other hand, companies that use off-grid energy must pay 30 % of the estimated cost.

Last year, when the President of the United States made the proposal for the first time, he indicated that despite being virtual, the energy consumption linked to these massively produced currencies is real, involves costs, and those involved must pay them.

The Treasury also addresses the issue of security with respect to cryptocurrencies, which is why it proposes that money laundering rules be applied to them.


Source: cripto247

(Reference image source: Traxer on Unsplash)

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