Regulatory Clarity Alone Won’t Drive Crypto Mainstream Adoption
In a recent interview with InsideBitcoins.com, CryptoTrader.tax chief executive David Kemmerer stated that clear cryptocurrency regulations alone will not lead to mainstream adoption of digital currencies. He noted that clear regulations are only part of the bigger puzzle for mainstream adoption.
Need for regulatory clarity
He, however, acknowledged that the crypto market is suffering from regulatory uncertainty. According to Kemmerer:
“Regulatory clarity will help, but I don’t think regulatory clarity will launch crypto into mainstream adoption either. We need much more than just that. “
During the interview, Kemmerer also affirmed that the IRS is not getting enough credit for making progress in availing clear cryptocurrency tax regulations. He pointed out that the institution has a difficult job that needs cooperation from crypto leaders.
Kemmerer also stated that varying tax laws per jurisdiction has proven complex for the cryptocurrency sector. However, he noted that CryptoTrader.tax aims to break down the complexities in tax laws to help users file correct reports.
He further commented on CryptoTrader.tax expansion plans outside the United States considering that capital gains and losses work fairly universally.
Kemmerer further pointed out that their expansion plans are guided by the size of the market and how similar or different the tax laws are to U.S. cryptocurrency tax laws