Well, the government may shut down, but the taxes don't actually really stop here.
So the crypto industry is pushing for new and clear rules when it comes to taxes on digital assets, and they will see some.
The income threshold for 0% long-term capital gains tax has been raised.
Now Capital gains are taxes.
On profit made from sales and ordinary income tax applies if you've earned crypto.
But as adoption grows and more people use crypto, more accounting firms that focus on blockchain are also popping up as well.
So here we are in Money 2020.
I'm joined by Amy Fisher, head of partnerships at Tax.
Amy, good morning.
Thank you so much for joining me.
Good morning, Remy.
Thank you so much for having me.
It's great to be here.
Well, we're here on the floor of Money Hall at Money 2020, and it's quiet because it is the final day of the event as well.
So a lot of conversations have been taking place, but when it comes to taxes, what have been some of the conversations that you're having?
It's a great question.
First of all, thank you again for having me.
So there's been so many trends over the past, you know, over a decade when it comes to digital assets, and one thing that we're seeing is increased adoption in digital assets as you know, decentralized finance or DI really starts to converge with traditional finance or tradfi, and there are certain markers that happen when things become mainstream and technology.
And one of those things are compliance rules and accounting and taxes and where what we've seen over the past year or so is the increased clarity around regulation that the industry has been calling for.
The regulation really legitimizes and solidifies digital assets place within the economy, and it's exciting to see that regulations are going live in 2020.
26 for both here in the US as well as in the EU it's already started with MICA um and what we're seeing is so many of our partners and our customers trying to figure out what these new rules mean for them.
We work specifically with businesses who serve the end consumer, um, so it's been very, very busy to say the least, as folks are preparing for these upcoming regulations in 2026, and we're here to help.
Yeah, so 2025 has been the year of uncertainty whether we're talking about geopolitics, policy, or politics as well.
So when we're looking ahead, there's a lot of questions surrounding taxes.
So what are you advising your clients right now?
You know, it really depends on the situation.
So while we don't give tax advice, we do work with partners like folks in the big four.
We're very well.
Networks within the ecosystem so that folks like KPMG Deloitte can do what they do best, BDO in terms of how they advise their customers and what we've done is we've built the software solutions so that folks can make sense of their own data so they can issue things like 1099s, Form W8W9s, and this new form that's coming online called the 1099DA.
And while there has been some uncertainty, we've had the ability to prepare over the past.
Few years with our customers who who've been, you know, our design partners so we're very well prepared for the upcoming tax season to support folks.
Yeah, and money 2020 you meet so many different types of stakeholders and someone such as yourself that is focused on the area of accounting as well as taxes.
What do you think is important to keep in mind because there are a lot of innovations that are being introduced, but with that comes the regulatory side and compliance.
As well, yeah, well, how I've seen it work best is as new regulations are coming online, the folks that are in the industry that are truly innovating and thinking about the holistic health of the industry and keeping the consumer in mind, they're getting ahead of it early, so working closely with with policy teams and really educating the industry and the public in terms of thought leadership.
We have put out so many pieces and worked together very closely with partners in our ecosystem to be.
Able to educate the public as well as policymakers so that they are keeping the consumers' interest in mind and interests of the public in mind as they're able to do that so that everyone understands how we can step into these new and exciting innovations while remaining compliant and of course I do think education is key when it comes to the space, especially because we're still trying to figure out the regulatory side of things, not just state side.
But also globally as well.
So give us your take on what you think is most important for viewers to know moving forward, not just beyond 2026, but also in the next decade.
I would say, you know, as we look at digital assets, there are more and more innovations that are touching this area, you know, we see we've seen increased, um, usability and progressing with things like marketplaces with, uh, folks that are doing.
Nontraditional payouts or even traditional payouts and fiat and while we built these tools based on the digital asset economy economy, things are becoming more and more converged.
I think this 2025 is a year that will always go down in my memory as no turning back in terms of embracing the evolution of the digital economy, and we're seeing more and more things just become online, become mainstream, and they're here to stay.
And finally, I do want to ask you how are CFOs actually thinking about stablecoins as part of their cross border strategy.
Yeah, I've seen, you know, we service all sorts of digital assets including stablecoins, but I think there's been an increased interest in demand speaking about stablecoins, I think you'll start to see folks work with the infrastructure providers who we partner closely with.
Issue their own and I think as well as seeing some of the banks come online with their own stablecoins as well of course the ones that have been around for many years will stay, but I think it is top of mind for CFOs, whereas a year ago, 2 years ago, it was a bullet point and not something that was coming into the conversation.
Certainly we are advising a lot more on those things as well in terms of.
Of introducing folks to partners, yeah, and Amy indeed it does seem as though if not on a daily basis, almost on a weekly basis, we're hearing about traditional financial firms as well as consumer firms announcing stablecoins.
So this will definitely be a space to watch, not just stateside but also overseas.
So thank you so much, Amy, for joining me today.
Thank you so much, pleasure to be here.
