IRS Official Says Agency is Concerned about Tax Issues Related to Crypto ATMS, Kiosks

 

 

 

 

 

 

IRS Criminal Investigation Chief John Fort confirmed this week that his agency is now focused on investigating possible tax issues involving Bitcoin ATMs and cryptocurrency kiosks, Bloomberg Law reports. Fort revealed the agency’s interest in the machines during a recent blockchain conference in New York:

“We’re looking at those, and the ones that may or may not be connected to bank accounts. In other words, if you can walk in, put cash in and get bitcoin out, obviously we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.”

According to Fort, his investigators are working in concert with partners in law enforcement as part of an agency effort to root out tax evasion, money laundering, and other illicit use of cryptocurrency. He also noted that the agency is looking at those who operate the ATMs and kiosks, to ensure that they’re complying with regulatory requirements:

“They’re required to abide by the same know-your-customer, anti-money laundering regulations, and we believe some have varying levels of adherence to those regulations.”

The agency is also focusing more attention on cryptocurrency exchanges, including foreign exchanges. Fort suggested that the government’s increased attention on cryptocurrency in the United States has been “pushing people to foreign exchanges.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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