IRS Expects to Seize Billions of Dollars in Cryptocurrency Next Year — More Than $3.5 Billion in Crypto Seized This Year – Regulation Bitcoin News

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The Inside Income Service (IRS) has revealed that $3.5 billion in crypto was seized through the fiscal yr 2021. This represents 93% of all funds seized by its felony investigation unit throughout the identical time interval. The company expects to grab billions of {dollars} extra in cryptocurrency subsequent yr.

IRS Says It May Seize Even Extra Than $3.5 Billion in Cryptocurrency Subsequent Yr

The Inside Income Service’s Felony Investigation (CI) unit, the tas authority’s legislation enforcement department, launched the 2021 Felony Investigation Annual Report Thursday. IRS Commissioner Chuck Rettig defined that “CI brokers are the one federal legislation enforcement officers with the authority to research felony violations of the U.S. tax code.”

The report particulars statistics, partnerships, and important felony enforcement actions from IRS-CI for the previous fiscal yr, which started Oct. 1, 2020, and ended Sept. 30, 2021. Amongst a number of main crypto instances highlighted within the report is “the longest-running bitcoin money-laundering service on the darknet dubbed Bitcoin Fog.”

The 49-page Felony Investigation Annual Report states that $3.5 billion in cryptocurrency was seized through the fiscal yr 2021. This represents 93% of all CI seizures through the interval.

The company has indicated that it expects to grab billions of {dollars} extra in cryptocurrency within the subsequent fiscal yr. IRS Felony Investigation Chief Jim Lee said on a name with reporters Thursday:

I count on a development of crypto seizures to proceed as we transfer ahead into fiscal yr ‘22 … We’re seeing crypto concerned in a variety of our crimes as we transfer ahead.

Jarod Koopman, the performing government director of the IRS Cyber and Forensic Providers division, commented that enormous cryptocurrency seizures have grow to be the brand new regular for IRS felony investigations.

He was quoted as saying: It’s an enormous, big quantity … Definitely we’re seeing a shift in our investigative work.” Koopman believes that the IRS Felony Investigation unit might seize much more in cryptocurrency within the coming fiscal yr, stating:

We do count on that to remain considerably in that vary, based mostly off of some investigations we’re at present engaged on which might be fairly giant in measurement and scope … We is perhaps topping that determine subsequent yr.

The total report could be discovered here.

What do you consider the IRS anticipating to grab billions of {dollars} in crypto subsequent yr? Tell us within the feedback part beneath.

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