IRS: Cryptocurrencies and NFTs are ripe for financial crime

The U.S. Internal Revenue Service (IRS) warned on Jan. 31 that cryptocurrencies and NFTs are ripe for financial crime, and reminded potential traders to exercise caution and pay attention to tax implications. The warning comes after Special Agent Ryan Korner, who runs the IRS Criminal Investigations Division’s Los Angeles field office, issued the warning at an event hosted by the USC Gould School of Law. Digital assets are an area of ​​growing concern for regulators and tax officials, Korner said, rife with money laundering, market manipulation and tax evasion. (Bloomberg)