150 million taxpayers will have to answer this crypto ques on new IRS Tax Form

[squatter]

If you haven't noticed, all the regulations and KYC are so far doing is slowing down progress by making it harder to do business if it involves cryptocurrencies. I don't see how it's supposed to lead to 'mass adoption'.

The people suggesting this are operating off the idea that the IRS is "exposing" 150 million people to cryptocurrency. They obviously don't realize that we are way past the "awareness" phase.

The 150 million people who file Schedule 1 every year have already heard of Bitcoin before. If they haven't bought any yet, this question might scare them away from it. Nobody wants to attract the attention of the IRS.

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[mindrust]

It's not as rosy as it appears to be, because if you hold a certain amount of crypto for a full year, it's added up to your overall wealth that will be taxed annually, which means that you still pay tax over the coins that you bought. I know that from experience because I'm more or less subject to these tax laws myself as a european citizen.

Are you a German tax resident? I was under the impression that wealth taxes in Germany were against their constitution. I can't find anything about what you're referring too, maybe I'm missing something.

Not sure about the crypto laws in Germany but taxes in general its pretty hardcore in Germany as far as I heard.

I would try Portugal or Malta for crypto instead. Even binance moved to Malta. (And many others)

[Wynn1427]

.....it's really a good move to move to other Crypto friendly country if you are making huge money from Cryptocurrency.

Probably easier said then done. As I understand it US citizens are still required to file tax return even when living outside the country. Even going as far as renouncing citizenship can trigger an exit tax. Guessing that these steps can raises the level of scrutiny from Uncle Sam.