The U.S. Treasury Department has proposed new tax regulations for the cryptocurrency industry, which would require crypto businesses to report to the IRS in a similar fashion to traditional brokers. This would include the reporting of gross proceeds from transactions on Form 1099s. The regulations would also extend to nonfungible tokens (NFTs) and decentralized finance (DeFi) platforms.The proposal has been met with criticism from the industry, with some arguing that it could unfairly capture entities like self-hosted wallets and decentralized exchanges that may not have straightforward pathways to compliance. Others have recognized the potential benefits of the proposal, suggesting it could help everyday crypto users accurately comply with tax laws if implemented correctly.The IRS and the Treasury Department are accepting feedback on the proposed regulations until Oct. 30, with public hearings scheduled for November 7-8, 2023.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 |
| Sentiment |
negative |
| Relevance Score |
10 |
| People |
Kristin Smith, Miller Whitehouse-Levine |
| Companies |
Wall Street Journal, IRS, CryptoSlate, Blockchain Association, DeFi Education Fund |
| Currencies |
None |
| Securities |
None |
