What are the regulations and reporting requirements for cash app users in California who engage in cryptocurrency transactions?

1 answers

• Terry JApr 06, 2023 · 2 years ago
  When it comes to regulations and reporting requirements for cash app users in California who engage in cryptocurrency transactions, it's important to stay compliant. The California Department of Business Oversight (DBO) requires cash app providers to obtain a license to operate in the state. This license ensures that the providers follow anti-money laundering (AML) and know-your-customer (KYC) regulations. As a cash app user, you should also be aware of your tax obligations. The IRS treats cryptocurrencies as property, which means any gains or losses from your cryptocurrency transactions are subject to taxation. Make sure to keep accurate records of your transactions and report them appropriately to avoid any issues with the law.
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