The IRS will provide funds for TRM Labs to develop a tool to track transactions between blockchains.
Usually, so-called “bridges” are used to transfer assets from one blockchain to another. The IRS plans to obtain more information about such transactions to use in its investigations. The IRS statement noted:
“There are several platforms on the market today for tracking blockchain transactions. That said, analytics and transaction coverage are typically unique to each data provider. TRM Forensics solution provides unique opportunities, similar tools are not available on other platforms. We request this solution due to the ability to track transactions across multiple blockchains and unique visualization techniques for cryptocurrencies across different blockchains. ”
Grants can be awarded to other companies developing similar products. Recall that in early June, the IRS requested additional funding for $ 32 million. The funds should be used to combat tax evasion on income from cryptocurrency transactions.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
