- The latest concern of the IRS are Bitcoin ATMs and Kiosks
- IRS Set to Look into Compliance Issues with Those Running Bitcoin Kiosks
- Bitcoin ATM Installation in the US Continue to Grow
Cryptocurrency News Today – Regulators all over the world have been raising concerns over digital assets for quite some time now. They have also been stressing on the need for regulations. The most recent agency to express their concerns over digital currencies are investigators at the Internal Revenue Service. In a recent interview, John Fort – the criminal investigation chief at the IRS – pointed out some of the issues pertaining to digital currency kiosks and Bitcoin (BTC) ATMs.
Fort said that the Internal Revenue Service has been working with its law enforcement partners to look into the matter. He also added that the agency has been investigating the same for possible tax evasion, compliance issues, and money laundering. In a statement, Fort said:
“We are looking at those, and the ones that may or may not be connected to bank accounts. In other words, if you can walk in, put cash in and get Bitcoin out, obviously we are interested potentially in the person using the Kiosk and what the source of the funds is, but also in the operators of the kiosks.”
Bitcoin (BTC) Price Today – BTC / USD
IRS Set to Look into Compliance Issues with Those Running Bitcoin Kiosks
John Fort also said that the Internal Revenue Service intends to look into compliance issues associated with the operators of these Bitcoin kiosks. The criminal investigation chief further added:
“They are required to abide by the same know-your-customer (KYC), anti-money laundering regulations, and we believe some have varying levels of adherence to those regulations.”
Irrespective of the strong regulations against digital currencies in the US, the nation has the highest number of Bitcoin (BTC) ATMs in the world. In the United States alone, there are about 4,129 BTC ATMs, and they have not filed any public case regarding BTC ATMs and kiosks. Nevertheless, Fort said that the agency has open cases regarding digital currency tax issues in its inventory.
Bitcoin ATM Installation in the US Continues to Grow
Furthermore, the installation of ATMs in the US has seen a significant level of growth over the past years. At the beginning of 2018, there were a total of 1,212 ATMs across the US. Since then, more than 2,000 Bitcoin ATMs have been installed across the country.
Recently, a lawyer in the IRS Office of the Associate Chief Counsel – Suzanne Sinno – said that the taxpayers in the US were not entitled to like-kind tax exemption with respect to digital currencies, regardless of the overhauled tax in 2017.