The U.S. Senate on 21st April, Sunday, proposed a new tax regulation for the cryptocurrency industry. According to the new proposed regulation, individuals holding BTCs worth over $500,000 will be liable to pay 1% as tax.
This move was initiated as part of a large effort made by the centralized body to include cryptocurrency like Bitcoin in the national tax system.
The aim is to treat digital and traditional assets equally and make sure they make their fair contribution to federal revenues. Further, this step reflects the growing significance of cryptocurrencies in the financial landscape.