Wyoming Could Serve As Cryptocurrency Tax Bellwether

Law360

05/04/2018

U.S. Federal Tax

In The News

Reprinted with permission.

According to Shiukay Hung, the IRS is unlikely to change its stance on cryptocurrency despite Wyoming’s law exempting virtual currencies from state property taxation, but could change if the U.S. looks to attract more crypto business.

“The IRS is in competition with places like Canada, the U.K., Singapore or Hong Kong,” he said in the Law360 article “Wyoming Could Serve As Cryptocurrency Tax Bellwether.” “So while the IRS or Congress might not be necessarily influenced by Wyoming’s tax policies per se, they may be influenced by the tax policies of the other G-20 countries.”

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