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Cryptocurrency’s Popularity Fuels Global Tax Crackdown

Feb. 23, 2021, 9:46 AM

Financial transactions involving virtual money are on the rise, and tax authorities in the U.S., EU, and Asia are stepping up efforts to grab their share of potentially billions of dollars in lost tax revenue from unreported gains.

Tracking anonymous virtual currency trades remains a major challenge—especially as cryptocurrency becomes more mainstream. Central banks, global services like PayPal Holdings Inc., and financial firms like Fidelity Investments are among the major institutions pursuing a larger stake in cryptocurrencies or adopting blockchain for their own ends. Tesla Inc. recently announced its plan to invest $1.5 billion in Bitcoin and begin accepting the ...