(BCFocus) -- World leading cryptocurrency exchange Bitfinex is working in coordination with British Virgin Islands to eradicate tax evasion for bitcoin. The fourth largest cryptocurrency exchange wants to make it possible to suppress the bitcoin tax evaders.
Bitifinex recently issued a notice for to the clients. The notice says that it is mandatory for the clients to unveil their tax information. The information will further be shared with British Virgin Island government authorities. The information details will be shared with the designated tax authorities.
The notice states that, “Under the laws of the British Virgin Islands (which are applicable to entities organized in the British Virgin Islands, including us), we are required to report certain account information to the [British Virgin Island] government.”
It further added, “The government of the [British Virgin Island] may then exchange that information with the tax authorities of the customer’s country of residence.”
In addition to this, the action has been implemented with respect to the U.S Foreign Account Tax Compliance Act (FATCA) and the Organization for Economic Co-operation and Development Common Reporting Standard (CRS). Therefore, it is required that every individual or company abides to the notice. Also, the people and organizations must submit FATCA and CRS forms maximum by May 24, 2018
In the end of the Bitfinex stated “by agreeing to our terms of service, you have agreed to use the website in compliance with applicable laws or regulations.”