IRS plans to award contract for blockchain forensic tool provider firms
The Internal Revenue Service indicated that the United States tax department needed high-tech blockchain based transactions tracking tools.
In the present time government authorities are worried about the adoption of crypto because they are not able to make a better regulatory framework to impose rules and regulations. They are especially helpless to track the Crypto transactions over the cross chain platform, so it becomes a very tedious task for them to impose tax rules. To overcome such cross chain blockchain transactions, government authorities needed high level tracking tools.
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Cross-chain transaction is a type of blockchain based digital assets transactions, which involves more than two networks. In such cases, tracing crypto transactions became a very tedious task for any one at a wide level.
On the 16 September notice, published by the IRS, stated that government agencies want more insight into these processes as part of its criminal investigatory efforts.
In the published notice, they appreciated the efforts of TRM lab Inc., which is a United States based fintech firm. IRS said that this firm provides those kinds of tools which are not available at other sources.
“…. the TRM Forensics Web-Based tool provides unique capabilities not currently found in tools from other providers. CCU is requesting this specific platform due to its cross-chain analysis tracing capabilities and unique methods for visualizing various cryptocurrencies across blockchains..”
Recently, TRM lab secured $14 million of funding through their series A round funding. Right now TRM is backed by the PayPal giant payment firm.
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