Countries all over the world are leaning more and more towards crypto adoption and the US continues to lead by example. Governor Jay Inslee, a senator from the capital state of Washington, recently passed a bill that aims at expanding the state’s adoption of blockchain technology across various financial and industrial sectors.
The law entailed the formation of a ‘Washington Blockchain Work Group’ which would probe into the ‘potential applications of blockchain technology’. A formal report on the findings will be submitted to the concerned authorities by December 1, 2023.
The law sees Washington follow a more friendly crypto path set by Wyoming and California, both of which house major crypto exchanges due to their relaxed state laws.
However, the regulatory landscape is not yet consistent across all the states. For instance, Hawaii is considered one of the hardest US regions to trade in crypto. The state has stringent reserve requirements and curtails the number of crypto firms that can operate. Heavy regulation is also a persistent issue for crypto investors in Vermont and West Virginia.
IRS Tax Form Inquires About Crypto Disposal
While not all states have similar views on digital assets, the Federal Government has looked to ease some burden for investors. As per the latest developments, The United States’ IRS tax form had inquired about the disposal of cryptocurrencies, with the US tax season approaching soon.
In the USA, taxes are due when an investor sells, trade, or dispose of cryptocurrency and gains a profit. If one disposes of cryptocurrency and recognizes a loss, the same can be deducted from the final payable tax.