Sec Expands Crypto Regulations To Boost Tax Revenue

In a move aimed at increasing government revenue and enhancing investor safety, the Securities and Exchange Commission SEC has announced amendments to regulations that will bring cryptocurrency trading and digitized transactions under the formal tax net.

According to a Bloomberg report on Tuesday, the SEC confirmed in an emailed statement that the new measures are designed to ensure all eligible transactions on regulated exchanges are taxed, though it did not specify the expected revenue figures.

The SEC also revealed plans to expand the scope of crypto licensing, including issuing permits that will allow residents to trade on centralized exchanges.

These platforms will enable the monitoring and taxation of transactions, providing greater transparency and security for investors.

We anticipate gradual traction toward centralized exchanges because they will offer greater protections and comfort for investors, the regulator stated.