IRS investigating crypto traders using Puerto Rico tax breaks: Report By Cointelegraph

Prosecutors from the United States and agents from the Internal Revenue Service (IRS) are reportedly investigating wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks.

According to a June 12 report from Bloomberg, investigators are currently building civil and criminal cases against a number of hedge fund managers, crypto traders and other wealthy Americans who may have lied about the nature of their residency and key elements of their income in order to take unfair advantage of the tax breaks.