IRS Investigations into Cryptocurrency Holders, a Positive Sign
The Beneficial Impact of Regulatory Scrutiny on Cryptocurrencies.
There has been a crypto gold rush going on and the authorities have taken note. The IRS considers crypto to be an asset and thus should be taxed. Accordingly, it has taken measures to track all crypto holders, which has got many people concerned. However, the IRS actions can actually have a positive effect on cryptocurrencies.
Recently, the IRS ordered Coinbase, one of the biggest exchanges in the US, to furnish it with data on all users trading $20,000 or more. These actions on the government organization’s part have brought Bitcoin and other cryptocurrencies out of the shadows.
For a long time, there has been a misconception that digital currency is mainly used by thugs and rogue states, which has caused some people to shun crypto, out of fear of being entangled in a criminal enterprise.
However, the fact that the IRS is taking a closer look at crypto could help do away with this notion. The scrutiny from authorities will also make people think twice before they embark on using cryptocurrencies for illegal activities. These factors will, in turn, portray digital currencies in a new light and make dealing in cryptocurrencies a government-approved alternative.
For some time now, the IRS has been working with companies that deal with cryptocurrencies to keep an eye on transactions happening on the network. So far, they have been able to track 4% of all wallets to genuine holders. But with legitimate and compliant platforms, these issues would be a thing of the past. Platforms like Saifu are leading the wave to legitimize cryptocurrency usage by offering an easy-to-use solution that’s on par with any banking or mainstream financial platform available today.
Saifu provides customers with a platform that is welcoming to those who are used to the fiat currency system. In fact, the services Saifu offers are similar to those of traditional online banking platforms, and also include cryptocurrencies. However, there are also many other crypto-based companies that offer crypto trading services. So, what makes Saifu different?
Saifu stands out as a licensed payment institution that includes the full range of fiat and crypto services that any modern traditional bank only provides for fiat. This means that while other crypto companies can offer crypto transactions and storage, only Saifu connect to the traditional financial world on its own. Other companies rely on the financial licenses of partners and have little control over how the transactions are processed.
Saifu has developed its own accounting practices for cryptocurrencies and these have been approved by regulators. This means that when transactions are made with crypto or fiat, Saifu customers don’t have to wait or go through tedious approval processes to get their crypto to fiat or use it in everyday transactions.
As part of its integration with the traditional financial world, Saifu offers customers with the ability to make wire transfers, transfers to and from external wallets, provides customers with Saifu cards for PoS and ATMs, and allows transfers to and from external accounts through card transactions. All of this is offered alongside exchange services at the best market rates between fiat and cryptocurrencies. This integration may seem natural, but it’s more complicated than most think, which is the reason Saifu currently has no competitors that can offer all of those services for both fiat and crypto.
Additionally, Saifu provides market-leading security that was developed in partnership with Thales, the leader in fiat currency cybersecurity for banks. The technology developed by Saifu brings bank-grade security to the cryptocurrency world. The technology is superior to competitors in the cryptocurrency world because it’s designed to keep customers cryptocurrency safe even in the event of a hacking, which will happen to any crypto service once it gets big enough. The Saifu security system is also unique in that it also allows for full functionality of cryptocurrency use, which hot and cold vaults, an inferior security solution, are unable to do because they are not designed to keep customers keys separately.
Find out more about Saifu at – https://saifu.ai/
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