The United States of America never allows any industry to stray far. And as soon as the cryptocurrency appeared, in particular, Bitcoin, the enterprising States were not afraid to try to study first, and then start working and regulate it.
It is no secret that the current cryptocurrency platforms operating in the United States have high quality and liquidity. America can boast of having “status” exchanges in its turnover, as one of the first tried to understand the issue of Bitcoin and its other brethren.
Today, on the Internet, users often try to find crypto exchange in USA. The main reason: optimal working conditions, good security, a wide selection of tokens and the presence of government regulation.
Main features
The first tax regulations in the United States appeared back in 2014. Today Bitcoin and other altcoins are not legal tender in this region. The government considers these as capital assets, property, securities and other options for investment instruments.
For all transactions related to Bitcoin, each taxpayer must submit a report to the IRS (tax office). If a company or an individual receives money or services for cryptocurrency, then the profit received must be declared.
All US cryptocurrency exchanges work on the same principle. Cryptocurrencies in this country continue to attract attention and the number of new trading platforms is on the rise.
Regulation of exchanges in the country
For the first time, American regulators paid attention to the cryptocurrency market in 2013-2014. During this period, bitcoin is noticed by a wide audience, and a number of services begin to accept payments in BTC. At the same time, large funds are starting to invest in bitcoin. Regulators have been pretty positive about the coin, which has contributed to its rise.
Currently, regulation of cryptocurrencies is the prerogative of each individual state. In this regard, many exchanges are represented in the United States only partially, being forced to obtain several separate licenses. Some of them are presented below.
FinCEN (Financial Crimes Agency) Authorization – This authorization is issued to exchanges operating in accordance with federal AML (Anti Money Laundering Regulations) requirements. Clients of such exchanges are required to go through the KYC identification procedure.
MTL (Money Transfer License) – Required by payment operators, including cryptocurrency exchanges, in a number of states.
Bitlicense is a special license for cryptocurrency companies wishing to expand operations into New York State. Local regulators are known for their strict requirements, and so far only two dozen companies have been licensed.
After the presentation of the Facebook Libra cryptocurrency, American and foreign regulators faced a new challenge. Mark Zuckerberg’s corporation, which owns Facebook, Instagram and WhatsApp, reaches almost 3 billion users and seriously threatens the position of the US dollar as a global currency.
The biggest resistance to the Libra launch comes from the US House of Representatives, publicly calling on Facebook to stop work on the Libra cryptocurrency and the Calibra wallet.
In addition to disrupting the established financial system, lawmakers point to other threats:
· the possibility of manipulation by the corporations behind the Libra foundation;
· lack of sufficient resource support for the Libra cryptocurrency;· violation of user privacy, which has become a common practice for the Zuckerberg team.
