The US Treasury announced that all transfers in cryptocurrencies over $ 10,000 will have to be reported to the IRS

The US Treasury has announced that the Biden administration’s proposal to strengthen tax compliance includes a requirement for cryptocurrency transfers of $10,000 or more be reported to the IRS, Bloomberg reports.

“As with cash transactions, companies that conduct cryptocurrency transactions with a market value of more than $ 10,000 will be reported,” the Treasury Department said in a report on tax proposals released Thursday.

The treasury said reporting was needed “to minimize incentives and the opportunity to hide revenues from the new reporting regime.” The Treasury noted that cryptocurrency accounts for a small part of current business transactions.

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“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury said in a release.