The post TaxBit CEO Lindsey Argalas Discusses Crypto Compliance and Innovations appeared on BitcoinEthereumNews.com.

Alvin Lang Jul 16, 2024 17:07 In a recent interview, TaxBit CEO Lindsey Argalas delves into crypto compliance, IRS regulations, and the future of digital asset management. TaxBit CEO Lindsey Argalas recently shared insights on crypto compliance, the impact of blockchain, and innovations in digital asset management in Episode 119 of the Public Key podcast, according to Chainalysis. Argalas emphasized the importance of regulatory clarity from the IRS and MiCA, and highlighted the growing intersection of tax, accounting, and blockchain technology. Challenges in Crypto Compliance Argalas discussed the complexities faced by traditional financial institutions (FIs) in holding cryptocurrencies on their balance sheets. She pointed out the significant amount of uncollected taxes in the crypto sector, which has drawn the attention of the Treasury Department and the IRS. Argalas also elaborated on the proposed IRS regulations and the tax implications of real-world asset tokenization. Innovative Solutions by TaxBit In her conversation with Ian Andrews, CMO of Chainalysis, Argalas highlighted the innovative tools and solutions that TaxBit offers for both consumers and enterprises in the crypto space. These tools aim to simplify compliance and provide regulatory clarity. She discussed the proposed tax and accounting regulations from the IRS and MiCA, emphasizing the need for practical and reasonable implementation. Argalas also mentioned TaxBit’s collaborative efforts with the IRS to support complex data collection for accounting and tax purposes. She underscored the importance of partnerships with companies like PayPal and Block to enhance compliance capabilities. Regulatory Landscape and Future Outlook The episode also covered the evolving regulatory landscape in both the U.S. and Europe. Argalas noted the introduction of DAC8 alongside MiCA in the EU, which aims to streamline tax information reporting. She expressed optimism about the future of digital asset management, predicting that regulatory clarity will unlock significant innovation in the sector. Argalas…

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Filed under: News - @ July 18, 2024 9:18 am