The IRS is bolstering its digital currency monitoring with former crypto experts, signaling increased scrutiny for tax professionals. The agency is pursuing investigations related to unreported crypto income and gathering data through tax return questions. Upcoming regulations aim to enhance reporting in 2025, while inconsistent reporting methods persist. Taxpayers should expect heightened examination of their crypto activities as the IRS intensifies its efforts to regulate the industry.
UK exchanges receive approval to offer ETNs backed by cryptocurrencies, including Bitcoin and Ethereum. These products are deemed high-risk and only suitable for professional investors. Retail investors may consider managed funds to gain exposure to cryptocurrencies.
