IMF: Tax Systems Need Updating for Crypto Assets, Decentralized Exchanges Pose Challenges

The International Monetary Fund (IMF) has stated that tax systems worldwide should be modernized to accommodate crypto assets. The IMF has highlighted that the decentralized nature and anonymity of crypto assets pose challenges to governments. The bank has warned that tax evasion could become a significant problem if crypto assets were to be widely used as a currency for transactions. While centralized exchanges can be made subject to standard tracking rules, decentralized exchanges present a different kind of problem for authorities.

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