The US authorities have finally understood that there is no use in resisting the crypto world. That is why they have decided to impose the strictest possible control over this sector. The US Internal Revenue Service (IRS) is demanding more funding and more authority to monitor transactions.

At first, the department is planning to monitor cryptocurrency transactions that exceed $10,000 and create an internal dashboard for blockchain analytics. What is more, the IRS has proposed to oblige crypto brokers and crypto exchanges to provide information about customers and  include items related to cryptocurrencies in the declaration. Such measures should simplify tax control in this area.

Notably, the IRS is already collecting information about the crypto exchange users who avoid paying taxes. The Treasury said that such steps are necessary “to minimize the incentives and opportunity to shift income out of the new information reporting regime.”

According to the estimates provided by the IRS, in the recent year, the US government lost $1 trillion in unpaid taxes mainly due to new income sources, including cryptocurrencies. The department intends to take harsh measures. It has already announced a tender to find a company that will provide it with access to hardware wallets.