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On 5 November 2021, the US House of Representatives agreed to the amendments made by the US Senate to the INVEST in America Act H.R. 3684, renamed as Infrastructure Investment and Jobs Act. The bill is thus passed by both chambers and awaits the presidential signature. Among many measures in various sectors, section 80603 of the act includes reporting obligations to the Internal Revenue Service (1) for businesses for transactions in digital assets worth over USD 10'000 and (2) for crypto brokers regarding all their transactions. The definition for broker is "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person." Amendments trying to reduce the breadth of the broker definition did not pass. The definition for digital asset is: "any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.’’ The obligations shall take effect on 1 January 2024 for transactions after 1 January 2023.
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