TruMart’s policy of allowing only KYB (Know Your Business) and KYC (Know Your Customer) verified merchants is a robust and groundbreaking approach to e-commerce. This stringent verification process ensures a high level of accountability and transparency in the marketplace.
KYB involves verifying beneficial owners of selling merchants, including detailed banking information. This not only establishes the legitimacy of the businesses but also facilitates adherence to global and local regulations. TruMart’s commitment to KYC means that consumers have a clear understanding of the merchants they are dealing with, promoting trust and confidence in online transactions.
1. **Global Compliance**: TruMart’s KYB and KYC processes align with international regulations, fostering global compliance and earning recognition as a platform that upholds legal standards.
2. **Consumer Protection**: Verified merchants on TruMart undergo a comprehensive vetting process, reducing the risk of fraud. In case of any issues, the accountability framework ensures swift reporting and resolution.
3. **Financial Integrity**: The verification of banking information under KYB adds an extra layer of financial integrity, assuring both consumers and regulatory authorities that transactions are conducted securely.
4. **Transparency and Engagement**: TruMart’s encouragement for merchants to provide extensive contact information, including social media links, enhances transparency. This allows consumers to engage directly with sellers, replicating the experience of walking into a physical store.
5. **Legal Compliance**: By allowing only KYB and KYC verified merchants, TruMart contributes to a marketplace where sellers comply with legal requirements, including tax obligations, creating a fair and lawful business environment.
In essence, TruMart’s approach to e-commerce not only prioritizes the safety and trust of consumers but also aligns with legal and regulatory standards on a global scale.

Markets in Crypto-Assets Regulation (MiCAR)

The Markets in Crypto-Assets Regulation (MiCAR) introduces a new regulatory framework for European crypto-assets. MiCAR aims to protect consumers and investors and mitigate risks to financial stability.

For federal tax purposes, digital assets are treated as property. General tax principles applicable to property transactions apply to transactions using digital assets. You may be required to report your digital asset activity on your tax return.

Definition of Digital Assets

Digital assets are broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.

Digital assets include (but are not limited to):

  • Convertible virtual currency and cryptocurrency
  • Stablecoins
  • Non-fungible tokens (NFTs)

Digital assets are not real currency (also known as “fiat”) because they are not the coin and paper money of the United States or a foreign country and are not digitally issued by a government’s central bank.  

A digital asset that has an equivalent value in real currency, or acts as a substitute for real currency, has been referred to as convertible virtual currency.

A cryptocurrency is an example of a convertible virtual currency that can be used as payment for goods and services, digitally traded between users, and exchanged for or into real currencies or digital assets.

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