USA asks for data on users of the cryptoindustry
Each of our readers sees what is happening with the status of cryptocurrencies in the modern world. Digital assets are widely oppressed, and most of the pressure comes from major powers. From the USA and China. But today we will only discuss the position of the United States, which, to put it mildly, has become much more radical. According to the latest statements, the United States authorities are working on a new bill. This initiative aims to regulate the digital marketplace and obliges all cryptocurrency companies to provide their customer data. This is a serious blow to every user, and not just to USA citizens. And we’ll tell you why. So let’s get started.
Who is behind the development of the law and what the specialists offer
First, we note that the United States is a complex state, which consists of many departments, ministries and divisions. Therefore, it is extremely important to identify the structure that controls the digital market. To our great regret, the Ministry of Finance is behind today’s initiative. This is one of the leading departments that forms the country’s budget and largely influences the development plans of the state. By 2023, the Ministry of Finance decreed that every cryptocurrency-related company must transfer customer data.
The reason for this is an outright tax leak. According to the Ministry of Finance, the United States is faced with the fact that many companies are hiding their clients, and as a result, their profits. It is using the Blockchain. Digital protocols can really help in many financial frauds, however, at the moment the situation is far from catastrophic. Most likely, the authorities are simply taking advantage of the opportunity to squeeze the crypto industry and begin to fully control the digital economy.
The customer information received by the companies will be sent directly to the international information exchange network. It is a global structure of which the United States is a part. The bill must pass approval and, if it is deemed useful, lawful and promising, it will be adopted in March 2023. We do not argue, there is really a lot of time. However, you need to make a decision and react to the situation now. What is the recommendation for all US users to avoid future problems? Let’s figure it out.
What should USA citizens do?
This is not the first time the US has restricted the digital industry. Suffice it to recall our past articles in which we talked about how the United States ingeniously controls the Blockchain. But this initiative is the toughest of all that have been adopted on the territory of the country. And even if the bill does not receive support, it is indicative. It demonstrates the current mood and attitude towards the digital market. Full control, no compromise and room to breathe. So, in order not to face conflicts, we recommend that you put all your accounts in order in the near future. One way or another, but for sure you interact with digital companies that are under the jurisdiction of the United States.
So it would be right to review your accounting in advance, deal with dubious transactions and exclude similar ones in the future. Only such a balanced and thorough approach will make it possible to calmly accept all changes in US policy. In order not to worry about potential government initiatives in the future, you should stay up to date with all the latest news from the crypto industry. Follow the latest developments in the digital industry with us. We publish only high-quality, interesting material. Thanks for attention. Good luck!