Crypto PR agencies may be in for a treat this fall. The Internal Revenue Agency (IRS) released a draft stating that as of 2020 tax year, Americans will have to declare whether they have acquired financial interest in virtual currency. What does this mean for the crypto world? As unappealing as it may sound to enthusiasts, who have fought tooth and nail to keep Bitcoin and the like out of any government’s jurisdiction, there is a bright side here. The move signals a recognition by the U.S. government that crypto assets are real assets and not imaginary money, as many prominent officials, including sitting U.S. President Donald Trump, have claimed in the past. Crypto payment providers, and their PR agents, should take notice.
Stamp of approval(ish)
Along with the recent stamp of approval(ish) from the IRS, the first-ever SEC-cleared security token initial public offer (IPO) was announced by INX Limited last month, opening the door for retail investors to invest in digital assets in the U.S. These crucial steps are fusing crypto with traditional finance, and PR for blockchain and PR for crypto must prepare for the storm.
There are already crypto companies making major moves for the industry, one being ForumPay’s crypto-fiat exchange brings B2C closer by allowing vendors to convert a customer’s crypto into fiat. With crypto being more accepted by government authorities, crypto companies will be able to reach places they could never before due to their limited acceptance in the everyday market.
Enter crypto PR
Now what do these new changes have in store for our beloved crypto PR agency? On one hand, with more regulations regarding crypto being changed, people are going to react a certain way towards these adjustments. Therefore, crypto PR agencies have to be sure to jump ahead of the curb and express to their audiences exactly why these advancements are so beneficial for the future of payments and why those who don’t use crypto should start.
Following that note, with new legal doors open for crypto inventors and market holders, thanks to governments, more innovation in the field will be possible for crypto companies to explore. With this opportunity, the responsibility falls on the crypto PR agency to stay on top of market developments and newsjack to promote the relevant clients–payment solutions providers using blockchain are one example.
While “crypto holders needing to declare taxes” may not be the catchiest to the eye of the consumer, it definitely holds a good note for the market as a whole. With government acceptance comes greater integration into the market and therefore a larger use among the population. While crypto is meant to be an independent entity, being recognized by the IRS makes it a recognized currency that already brings more value to the name of cryptocurrency and blockchain.
Seeing as more market acceptance is looking up for crypto currencies and blockchain, the successful crypto PR agency must establish and maintain a strong strategy and presence for these companies. WIth that will come more trust in crypto from communities who may have not been crypto believers before and integrate crypto into everyday life.