Blockchain
IRS Finalizes Crypto Reporting Rules Amid Industry Backlash
The IRS finalized its new crypto broker reporting requirements on June 28, clarifying the affected industry participants and addressing widespread concerns. Notably, decentralized exchanges and self-custody wallets, crucial elements of the crypto ecosystem, were excluded from these rules. The IRS explained this exemption, recognizing the complexities of fully decentralized networks after reviewing extensive feedback.
However, the new regulations do encompass stablecoins and tokenized real-world assets, treating them the same as other digital assets. This decision highlights the IRS’s dedication to improving tax compliance across all sectors of the digital asset landscape. IRS Commissioner Danny Werfel emphasized the importance of these measures in preventing potential tax evasion through digital assets, stating, “We need to make sure digital assets are not used to hide taxable income, and these final regulations will improve detection of noncompliance in the high-risk space of digital assets. Our research and experience demonstrate that third-party reporting improves compliance.”
This approach aligns with previous warnings from IRS criminal investigation chief Guy Ficco, who anticipated increased crypto tax evasion in the upcoming 2024 tax season. The IRS’s stance has sparked strong opposition from industry advocacy groups like The Blockchain Association and The Chamber of Digital Commerce. These organizations have long argued against the applicability of the IRS’s broker reporting rules to decentralized finance networks, citing significant compliance costs.
In 2023, The Blockchain Association objected to the IRS’s proposals, pointing out fundamental discrepancies between the regulations and the operational realities of decentralized systems. Recently, the association reiterated concerns over regulatory overreach and projected an annual compliance cost of $256 billion, arguing that the rules violated the Paperwork Reduction Act. The Chamber of Digital Commerce echoed these concerns, particularly regarding potential privacy infringements due to the extensive documentation requirements, including the filing of billions of 1099-DA tax forms.
In summary, while the IRS has exempted certain decentralized entities from its new reporting rules, its comprehensive approach to digital asset taxation faces significant resistance from industry stakeholders, who claim these regulations impose undue burdens and threaten privacy rights.
Source: cryptodaily.co.uk
The post IRS Finalizes Crypto Reporting Rules Amid Industry Backlash appeared first on HIPTHER Alerts.
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
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