Coin Center urges the U.S. Congress to establish clearer cryptocurrency tax regulations

ChainCatcher news, according to The Block, the cryptocurrency-focused policy nonprofit Coin Center has urged two congressional members to propose clearer cryptocurrency regulations, particularly regarding tax provisions. In a letter to Senate Finance Committee Chairman Ron Wyden and senior Finance Committee member Mike Crapo, Coin Center outlined certain principles that officials should consider in blockchain regulation.

Coin Center stated that if a country intends to tax cryptocurrency, it should provide clear guidance on how to calculate the tax amount and also set a threshold for the amount, below which no tax would be owed.