Cryptocurrency News

IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges in taxing crypto, however.

Crypto’s “semi-anonymity,” its dual nature as an investment vehicle and a means of payment, and its high volatility complicate the tax collectors’ task beyond their current abilities, a new IMF working paper said. There is no consensus yet even on how to tax cryptocurrency — as income, capital gains (which is most common) or gambling — and it doesn’t help that tax systems were designed before the emergence of blockchain technology, which has spun out a range of assets that needs separate treatment.

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