That is entirely correct. For the first time (this year), the U.S. Government is now asking every U.S. taxpayer about crypto holdings, under penalty of perjury:
https://www.msn.com/en-us/money/per...sedgntp&cvid=5628c6c6f09b463b9a8ca29f015ca0e2
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I already know a couple of day traders that will have to print it all and then show up at IRS's HQs like this:
Some already live in a reality where no home bank will accept proceeds from crypto, regardless of taxes. Faft will also start focusing on property soon, making property purchases via crypto (maybe even if the current funds are fiat, but the initial source was crypto) more annoying. Future is very shitty imho.
Things seem to be moving rather quickly:
https://cryptoslate.com/bitcoin-dro...n-cold-wallets-in-attack-on-decentralization/
https://cryptoslate.com/bitcoin-dro...n-cold-wallets-in-attack-on-decentralization/
Wow. That is surely the beginning of the end. That has been everyone's argument regarding keeping crypto anonymous: use anonymous cold wallets, trade only peer-to-peer, and do not use on or off ramps.
You will be able to use anonymous cold wallets outside of the EU for awhile, but other nations will eventually follow suit under pressure from the OECD and others.
"beginning of the end.", "new reality", "it's comming", "it's going to ...."
Panic. Panic!!!!
People would transact directly between themselves.
And how would you regulate decentralized exchanges?
Especially I like those causal links between "event X has just occured and bitcoin has gone up/down". How do you know what's caused it to go up or down this time? It's been going up and down all the time.
Panic. Panic!!!!
People would transact directly between themselves.
And how would you regulate decentralized exchanges?
Especially I like those causal links between "event X has just occured and bitcoin has gone up/down". How do you know what's caused it to go up or down this time? It's been going up and down all the time.
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P2P trading without a license is considered illegal in many jurisdictions. Its either breach of AML laws or offering alternative payment services without a license.
No, it does not become legal. That is just plain wrong. It simply means that if you become a target, for whatever reason, the authorities can choose to selectively enforce the law against you.
There is a big difference between legal conduct and currently unenforced laws. Perhaps the U.S. or the EU suddenly builds a massive supercomputer with new technology specifically designed to sort and analyze all past crypto transactions everywhere. What may have previously taken a decade to sort and analyze now only takes a month. Anything can happen, especially with technology now developing exponentially.
So, it pays to always be tax compliant. Why risk your freedom? Find a jurisdiction where you can legally pay 10% to 15% in income tax.
There are plenty of centralized exchanges registered in offshore areas without KYC s**t: Bybit, Kucoin, Okx and etc. Moreover there will be Decentralized Exchanges. Crypto mixers will f**k all CRS attempts to track someone down. Don't forget crypto will become a legal tender in many countries.
So, good luck idiots from CRS to cover that
So, good luck idiots from CRS to cover that
That is happening for already whatever reason. It can be seen very easily the last two years in EUDSSR when you ask critical questions and concerns about certain events you find yourself fined/imprisoned etc.
Go further in your predictions.
"perhaps" there'll emerge a new sort of cryptocurrency which is even less trackable/traceble.
Today IBM unveiled the latest mainframe in its storied history, the z16.
The primary use case the company is selling for this monster machine is real-time fraud prevention.
https://techcrunch.com/2022/04/04/t...e-rolls-on-at-ibm-with-the-release-of-the-z16
Do not think you can outsmart the system. Everything you do electronically is recorded and can be decrypted.There are plenty of centralized exchanges registered in offshore areas without KYC s**t: Bybit, Kucoin, Okx and etc. Moreover there will be Decentralized Exchanges. Crypto mixers will f**k all CRS attempts to track someone down. Don't forget crypto will become a legal tender in many countries.
So, good luck idiots from CRS to cover that
The best strategy is to be tax compliant + take advantage of some sort secrecy along the way: Arrange a zero-tax lifestyle (e.g. live in a country where your activities remain officially tax free) + keep a low profile by not getting reported (e.g. choose a non-CRS country).
This mainframe is not even a supercomputer and its processing power is incredible -- and also integrates a real time AI interface. For the last several decades, computers have beaten the best human chess masters in the world. Just try hiding your taxable crypto gains from that processing power. Good luck with that.
https://techcrunch.com/2022/04/04/t...-rolls-on-at-ibm-with-the-release-of-the-z16/
So, Donkey Dude, I do not need to predict anything. My mistake. It is already here. Good luck.
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No one is going to report anything if you have crypto in your own wallet. How would they? There is zero way to match up money with identity.
The CRS will only apply to crypto exchanges like Coinbase, Binance etc
Read the article cited in post #24.
Unless you keep your BTC in the cryptocurrency universe forever, never using exchanges or other off ramps, you will be forced to comply with KYC laws.
Then there are the new self-reporting laws. Read the article cited in post 21. For the first time (this year), the U.S. government is now asking every U.S. taxpayer about crypto holdings, under penalty of perjury.
So, if you wish to become a criminal, you may get away without reporting your crypto holdings for a while, but technology will eventually catch up with you.
The U.S. and the EU literally employee rocket scientists who sit around all day thinking about this stuff. They will soon use supercomputers and AI to do what was previously hard work, i.e., identifying tax scofflaws.
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I genuinely think that this simply won't be possible for governments. Or anyone, for that matter.
Private currencies like Monero are bulletproof and 'AI and supercomputers' just won't cut it for trying to track down who owns what money.
From the article: "‘Unhosted wallets’ will not be banned from existing within the EU, but you will not be able to interact with an exchange to convert your crypto into fiat or vice versa."
So who cares? You could simply just hold stablecoins or keep your crypto as-is. If you did want to trade between fiat and crypto, you could just trade P2P outside of the EU.
For the time being, sure. This thread is about burgeoning future developments ("coming soon").
What will the landscape look like for crypto reporting in five to ten years? It might not be recognizable.
