New IRS Rule for DeFi Brokers: What You Need to Know Before 2027?

Quick Summary:

Treasury Department, through the Internal Revenue Service (IRS), has finalized regulation integrating decentralized finance (DeFi) platforms into the existing tax framework.

In a recent report, the regulatory agency noted that the new rules will be implemented in 2027, allowing the platforms to organize their data for proper reporting.

The IRS believes that this classification will improve tax compliance within the growing DeFi sector.

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Article Details

Author / Journalist: Ikemefula Aruogu

Category: Crypto

Markets: India

Topics: News Crypto Regulation Digital Asset DeFi News Market Market News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-28 @ 13:00:00 (2 days ago)

News Timezone: GMT +0:00

News Source URL: coinedition.com

Language: English

Article Length: 141 words

Reading Time: 1 minutes read

Sentences: 48 lines

Sentence Length: 3 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinedition

News ID: 24713111

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About Coinedition

Main Topics: Crypto

Official Website: coinedition.com

Update Frequency: 18 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 8 hours ago

Coverage Areas: India

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Publisher ID: #124

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