Crypto

The IRS Will Shift its Focus to Users and Operators of Bitcoin ATMs and Kiosks

In a new statement, the IRS confirms it will continue to focus on cryptocurrency activities. Particularly those individuals and companies operating Bitcoin ATMs and Kiosks may see some intervention pretty soon. 

As the IRS continues to target cryptocurrency users, they are doing so in a deliberate manner.

Bitcoin ATMs may Facilitate Tax Evasion

First, they want after traders of Bitcoin and altcoins who might not have reported their taxes properly.

Secondly, they tackle the concept of token airdrops and other proceeds that might fall under their purview.

In the latest turn of events, the agency has confirmed Bitcoin ATMs and kiosks are next on the agenda.

There could be a number of potential tax issues raised by this particular industry, according to an IRS spokesperson. 

No public cases involving Bitcoin ATMs or kiosk have been filed by the agency to date.

Related Post

On paper, these machines may allow for some illicit activities, such as small-scale money laundering.

Additionally, the agency suspects several operators might be operating these machines without having any funds connected to a bank account. 

There are also some questions as to whether all of these machines perform the necessary KYC and AML procedures.

Most of the Bitcoin ATMs and kiosks around the world are located in the US, as it is the most competitive region by far.

As such, both operators and users of these machines could become subject to additional IRS scrutiny in the months ahead. 

Despite this rather aggressive strategy, all of these efforts are designed to make cryptocurrencies more legitimate. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Bitmine Expands Ethereum Holdings With Massive Weekly Accumulation And Strengthens Position As A Major Crypto Treasury Player

Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…

22 hours ago

Ethereum Foundation Quietly Stakes Over $46 Million In ETH

Something interesting just played out within the Ethereum space, and it didn’t take long before…

22 hours ago

Ethereum Is Still Leading The Tokenized Assets Space

It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…

2 days ago

El Salvador Pushes Ahead With Bitcoin Strategy As National Reserve Crosses 7,600 BTC Mark

El Salvador is still doubling down on its Bitcoin bet, and the latest numbers show…

2 days ago

World Foundation Raises $65 Million Through OTC Token Sales As It Expands Operations

The World Foundation has revealed that it recently completed a series of over-the-counter (OTC) sales…

3 days ago

Bhutan Government Quietly Sells Off Over $120 Million In Bitcoin This Year As Transfer Activity Starts Picking Up Again

The Government of Bhutan has been steadily reducing its Bitcoin holdings this year, and it’s…

3 days ago