If there’s one topic that has captivated the public for over a year now, it’s cryptocurrency. However, the technology is evolving so quickly that many governments are unsure of how to proceed amid the breakneck speed. While Japan has its own official crypto, U.S. regulators and investors have been slower to adapt to a world with cryptocurrency. With big-time investors such as Charlie Munger even going as far as to refer to crypto as “evil,” it would appear that there is some serious work to be done.
With new cryptocurrencies popping up all over the planet on a daily basis, tax professionals the world over are going to need to figure out how to manage their clients’ investments, expectations and payment systems. Indeed, crypto stands poised to take over the world—and businesses should pay careful attention. Even though the whole point of crypto is that it is unregulated, we are seeing more and more regulations pop up on a daily basis—and many in the crypto space believe that this is a very good thing. After all, regulations are a sign that crypto is becoming more mainstream. And the more mainstream it becomes, the faster governments will be able to institute rules that will make it possible to buy a coffee with your crypto. In this new environment, which many have referred to as the gold rush of the twenty-first century, a multitude of people have been able to share in the wealth of these burgeoning economies.