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IRS Launches Pilot Program to Combat Cryptocurrency-Related Financial and Tax Criminal Activities

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According to reports, the US Internal Revenue Service (IRS) has announced a new pilot program starting this summer and will dispatch four commissioners to Australia, Singapore, Col

IRS Launches Pilot Program to Combat Cryptocurrency-Related Financial and Tax Criminal Activities

According to reports, the US Internal Revenue Service (IRS) has announced a new pilot program starting this summer and will dispatch four commissioners to Australia, Singapore, Colombia, and Germany to combat international financial and tax criminal activities related to cryptocurrency, decentralized finance, and mixed money laundering transaction services. The program will last for 120 days from June 2023 to September 2023. （TechCrunch）

IRS: four commissioners will be sent to Singapore, Australia, Colombia and Germany to fight against DeFi and cryptocurrency international financial crime

The US Internal Revenue Service (IRS) has announced a new pilot program that aims to combat international financial and tax criminal activities related to cryptocurrency, decentralized finance, and mixed money laundering transaction services. According to reports, the program will dispatch four commissioners to Australia, Singapore, Colombia, and Germany for 120 days, starting from June 2023 to September 2023.

What is the IRS Pilot Program?

The IRS pilot program is designed to help combat the rising concern of criminal activities surrounding cryptocurrency and its associated services. The IRS is planning to dispatch four commissioners to four different countries to work with the respective authorities in those countries to combat these criminal activities. The pilot program will last for four months, starting from June 2023 to September 2023.

How Will the IRS Pilot Program Work?

During the pilot program, the IRS commissioners will work with the authorities in the respective countries, focusing on identifying and combating financial and tax crimes related to cryptocurrency, decentralized finance, and mixed money laundering transaction services. The commissioners will also be involved in providing education and training related to the investigation of cryptocurrency-related crimes.
The program will provide the IRS with a unique opportunity to collaborate with international agencies to combat financial crimes related to cryptocurrency, which is growing in popularity and adoption.

What Impact Will the IRS Pilot Program Have?

The pilot program will have significant implications for cryptocurrency and its associated services. As cryptocurrency becomes more popular, businesses and individuals involved in these activities must ensure they comply with applicable tax laws and regulations.
The IRS pilot program is likely to result in additional scrutiny and enforcement against those who fail to comply with the law, including perpetrators of financial and tax crimes related to cryptocurrency.
On the other hand, the program will also enable the authorities in different countries to work together to fight financial and tax crimes related to cryptocurrency.

Conclusion

The IRS pilot program is set to be a significant step in combating financial and tax crimes related to cryptocurrency. The program aims to address the growing concern of criminal activities involving cryptocurrency, decentralized finance, and mixed money laundering transaction services, by working with international authorities.
The program is expected to have a significant impact on the cryptocurrency industry, which has seen its share of regulatory scrutiny in recent years. It’s yet to be seen how effective the program will be, but it’s clear that the IRS sees these types of crimes as a significant threat that must be addressed.

FAQs

**Q1: What is the goal of the IRS pilot program?**
The IRS pilot program aims to combat financial and tax crimes related to cryptocurrency, decentralized finance, and mixed money laundering transaction services, by working with international authorities.
**Q2: How long will the pilot program last?**
The pilot program will last for 120 days, starting from June 2023 to September 2023.
**Q3: What impact will the pilot program have on the cryptocurrency industry?**
The program will have a significant impact on the cryptocurrency industry, as it aims to combat criminal activities related to cryptocurrency, by collaborating with international authorities. The program will result in additional scrutiny and enforcement against those who fail to comply with tax laws and regulations.

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