Many cryptos remain out of sight of tax authorities despite money laundering rules and efforts by European and US authorities. Tax evasion via cryptocurrencies seems to be getting out of hand, now that the market for digital currencies has grown significantly. Successful tax evasion goes unnoticed, so the magnitude can only be roughly estimated. Local and future EU rules cannot close all the gaps. Crypto exchanges such as Binance, Bitfinex, and HTX are not subject to money laundering supervision, and do not report unusual transactions. The IMF is particularly concerned about the purchase of goods with cryptos that remains under the radar of the fiscal authorities.
Source Taxlive
