US Treasury Unveils DeFi Broker Tax Reporting Rule, Here Are Key Highlights

Quick Summary:

The US Treasury Deaprtment has finally released the long-awaited DeFi broker tax reporting framework in its bid to capture revenue from the growing industry.

According to the released framework, platforms offering trading services to report user transactions with the Internal Revenue Service (IRS).

If this framework starts, the outfit might also need to comply, a twist that might encourage some forms of rollbacks or changes to the rules.

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Article Details

Author / Journalist: Godfrey Benjamin

Category: Crypto

Markets: India

Topics: Crypto tax Us treasury 24/7 Cryptocurrency News Defi

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-27 @ 18:28:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 456 words

Reading Time: 3 minutes read

Sentences: 37 lines

Sentence Length: 13 words per sentence (average)

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

Copyright Owner: © CoinGape

News ID: 24696906

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