Kraken has decried the current overwhelming crypto tax reporting regime and urged regulators to grant waivers for smaller transfers.

In a report on the 22nd of April, the crypto exchange said 75% of the massive 56 million crypto tax forms submitted to the tax watchdog, IRS, were less than $50. And half (28 million) of the forms were less than $10. 

The U.S. Internal Revenue Service (IRS) mandates brokers to submit every single transaction for the entire year as part of the current crypto tax reporting regime. On the contrary, other payment apps like Venmo only trigger reporting if the transfers are above $600, Kraken noted. 

The firm decried that the current tax reporting regime is too expensive and complex for…