The U.S. Treasury said the Biden administration's proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service (IRS).

"As with cash transactions, businesses that receive crypto assets with a fair-market value of more than $10,000 would also be reported on," the Treasury Department said in a report on tax-enforcement proposals released Thursday.

The Treasury said that comprehensive reporting is necessary "to minimize the incentives and opportunity to shift income out of the new information reporting regime." It noted that cryptocurrency is a small share of current business transactions.

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