Whilst not a direct concern for UK taxpayers, there have been some interesting developments in United States (US) tax legislation in recent days. Joe Biden's landmark $1 trillion infrastructure legislation has been passed but, name aside, it incorporates a whole host of provisions tightening the reporting requirements of various US entities in relation to cryptocurrencies.  

As is often the case, a vaguely drafted term (in this case "broker") is causing considerable concern in the crypto industry due to the seemingly arbitrary way in which this could be interpreted narrowly or widely by the Internal Revenue Service (IRS). In my experience when an individual or corporate entity are potentially impacted by vague terms enshrined in law inevitably they adopt a cautious approach. In this case, such a cautious approach would be to presume that you are caught by the legislation (and thus report to the IRS as it dictates) unless you have professional advice to the contrary. 

As the article highlights, you do wonder if this increased administrative burden could push these companies out of the US and that you may well see some countries adopting light-touch regulation on such matters in an effort to attract the industry. If nothing else it will likely prove a hot-bed of US litigation whilst this uncertainty is debated and ultimately decided in the Courts.