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Yup, and of course there's also FinCEN, the IRS, the BSA which includes reporting of currency transactions, suspicious transactions, FBAR where you have to disc
by ve55 6y ago
Yup, and of course there's also FinCEN, the IRS, the BSA which includes reporting of currency transactions, suspicious transactions, FBAR where you have to disclose all foreign holdings, and many other reports. I think similar regulations will hit cryptocurrency eventually, requiring holders to report their addresses they have the private keys of, sadly.
- ethbro 6y ago> requiring holders to report their addresses they have the private keys of, sadly. This might become the law, but how would it be enforced? I thought the world leaning on Swiss banks for data was effectively an admission that anonymous accounts were unlinkable from the client side.
- cinquemb 6y ago> This might become the law, but how would it be enforced? By a few token measure that wont scale, just like current existing income tax structure. The main enforcement mechanism now is heavily reliant upon employers withholding on the behalf of employees and banks reporting on their accounts (the same entities that consider fines for felonious dealings just a cost of doing business); without it, existing tax enforcement would be toothless to most.