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

Standard Chartered and Coinbase Deepen Institutional Crypto Partnership

Standard Chartered and Coinbase are pushing their institutional crypto relationship into a new phase. On…

13 hours ago

OKX Breaks Silence on MANTRA Incident as Evidence Points to Coordinated Market Manipulation

OKX has issued a detailed public statement addressing the events surrounding the MANTRA (OM) market…

13 hours ago

Ethereum Proposes ERC-8092 to Solve Onchain Identity Fragmentation

Ethereum is preparing a deep structural upgrade. Not to gas fees. Not to throughput. To…

2 days ago

Pyth Network Activates Token Buybacks as Real Revenue Crosses $1M ARR

Pyth Network is taking a decisive step toward sustainable value accrual. The oracle network announced…

3 days ago

Tether Makes €1B Play for Juventus , Exor Shuts the Door

Tether has made one of the boldest moves yet by a crypto-native company into legacy…

3 days ago

10 Trusted Cloud Mining Platforms to Earn Free Bitcoin Daily in 2026

  Cloud mining continues to gain massive traction as 2026 inches closer. In tough economic…

3 days ago