Taxation-wise, the U.S. may be unprepared for the investor rush in the wake of a spot Bitcoin ETF. There is a new tax law but no guidelines.
The United States Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) could come any day now. And when it does, many believe that everything will change.
But is the United States ready for an onslaught of first-time crypto investors? Regarding tax compliance, maybe not.
Crypto investors will have to pay taxes on their profits just as investors do when they sell stocks, bonds and real estate. That much is clear. But the whys and wherefores are still up in the air.
Read more
Source: https://cointelegraph.com/news/tax-crypto-reporting-us-law