Crypto Tax Firms states that a third Party Intergovernmental Data Sharing Pool is on the horizon to mitigate tax defaulters

The advantage of cryptocurrency in different sectors could not be undermined just as some countries like Israel, France, the US, and others had started to demand tax returns from crypto users.

However, a cryptocurrency tax firm, Bittax in a recently released report, stated that some cryptocurrency users are yet to adhere to the strict regulation that taxes should be filed for cryptocurrency income.

Bittax stated that this attitude could be a barrier in wider bitcoin and other altcoins adoption in the long run. Lokay Cohen, Bittax Vice President said that adherence to this rules that some government had laid down as tax laws were to ensure that money laundering through crypto is prohibited and are since the anonymous nature of crypto makes some to think that they have a safe haven.

Cohen also said that continuous default of tax by crypto users could make some governments set barriers that could reduce the gains made by crypto in some sectors.

The Bitcoin network that enhances the payment of this tax returns will ensure than crypto traders are protected from unnecessary sanctions from government authorities.

This might not be for crypto users that had been committed filing their tax returns since Cohen also added that there is an intergovernmental agency that is in the horizon that would be established to share data of crypto users, which would make cryptocurrency transactions not to be private as many thought.

However, crypto users will not be content with this news of a data sharing pool by governments since crypto was developed to be essentially decentralized and to be void of third-party interference.

Also, this report is in agreement with the study by Credit Karma that some crypto users are always unwilling to file their cryptocurrency gains, which supports the school of thought in some quarters that cryptocurrency presence could support lawlessness.