IMF: Tax Systems Need To Be Updated for Crypto Assets
According to the International Monetary Fund (IMF), modernizing global tax structures to include crypto assets is necessary.
The IMF claims that in order to deal with crypto assets, whose decentralized nature and anonymity present problems for governments, the tax system needs to be updated.
The bank claims that if cryptocurrency is ever extensively adopted as a form of payment for transactions, tax avoidance could pose a serious issue.
The IMF claims that many tax evasion risks can be managed if the majority of cryptocurrency activity is conducted through centralized exchanges, while decentralized exchanges (DEXs) provide a different kind of challenge for regulators.
(With inputs from Shikha Singh)
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