The US is implementing new tax reporting rules for digital asset transactions in 2027.

The Internal Revenue Service (IRS) has finalized new tax reporting rules for digital asset transactions. These regulations require all digital asset brokers, including decentralized finance (DeFi) platforms, to report their customers' transactions. The new rules will take effect from January 1, 2027, and brokers will be required to start collecting data in 2026.
The IRS states that this step aims to increase tax compliance and prevent the use of digital assets for tax evasion. In particular, DeFi platforms are planned to be subject to the same reporting obligations as traditional financial intermediaries. The IRS argues that these regulations do not discriminate against the DeFi sector and are compatible with existing intermediary regulations.
However, there are also criticisms of these regulations in the cryptocurrency community. For example, renowned lawyer John Deaton argues that these rules weaken the fundamental principles of decentralization and user privacy in DeFi. Deaton advocates for the new Congress to reverse these rules.
IRS estimates that these regulations will affect approximately 650 to 875 DeFi brokers and potentially 2.6 million taxpayers. This step is expected to promote tax compliance by increasing the transparency of digital asset transactions.
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As a result, the new regulations by the IRS aim to provide more transparency and tax compliance in the digital asset market. However, the impact of this step on the DeFi ecosystem and the changes it will bring to the sector will be closely monitored in the coming period.#Gate.io Annual Report 2024
#GateOpinionQuest
#gateio #escoin #elg
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References:
• "IRS will tax DeFi as crypto reporting rules solidify." FinanceFeeds, December 27, 2024. 
• "Renowned Lawyer Criticized the New Cryptocurrency Tax Rule." COINTURK, December 27, 2024.