According to Cointelegraph, the United States Internal Revenue Service (IRS) has finalized regulations that require brokers to report digital asset transactions. These new rules, set to take effect in 2027, expand existing reporting requirements to include front-end platforms, such as decentralized exchanges. Brokers will be mandated to disclose gross proceeds from sales of cryptocurrencies and other digital assets, along with information about the taxpayers involved. The regulations specify that only trading front-end service providers in the decentralized finance (DeFi) sector are classified as brokers. This classification does not apply to all DeFi applications, focusing instead on front-ends as sources of information and tax disclosure. The IRS has defined DeFi front-ends as brokers for tax reporting purposes, encompassing platforms that perform intermediary functions in facilitating transactions, regardless of whether they operate through a legal entity. Under these new rules, if a DeFi platform facilitates the exchange or sale of digital assets, even through smart contracts, and exercises sufficient control or influence over the transaction process, it could be considered a broker. The IRS asserts that these regulations treat DeFi like any other industry, emphasizing that similar rules have applied to brokers for over 40 years. The Treasury Department and the IRS have stated that these regulations do not reflect a bias against the DeFi industry and are not intended to discourage the adoption of this technology by law-abiding customers. The new regulations will begin to apply to digital asset sales starting in 2027, with brokers required to start collecting and reporting the necessary data in 2026. The IRS estimates that between 650 and 875 DeFi brokers will be affected by these regulations, impacting up to 2.6 million taxpayers. The IRS believes that information reporting by DeFi brokers under section 6045 will lead to higher levels of taxpayer compliance, as the income earned by taxpayers engaging in digital asset transactions without a custodial broker will become more transparent to both the IRS and taxpayers.

Th final regulation treats DeFi front-ends as brokers, demanding the disclosure of gross proceeds from sales of digital assets. source: https://cointelegraph.com/news/irs-final-regulations-digital-asset-reporting-brokers?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

The US dollar is absolutely crushing it this year. It’s on track to clock its best performance since 2015, riding high on the back of a powerhouse US economy, a cautious Federal Reserve, and market enthusiasm fueled by President-elect Donald Trump’s aggressive tariff threats. The Bloomberg Dollar Spot Index, which tracks the currency’s performance against […] source: https://www.cryptopolitan.com/the-dollar-is-headed-for-its-best-year/

Bitcoin’s repeated failure to cross above $100,000 increases the risk of a drop under $90,000. source: https://cointelegraph.com/news/price-analysis-12-27-btc-eth-xrp-bnb-sol-doge-ada-avax-link-ton?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Within the past month, the South Korean parliament has impeached its president and will soon do the same to its prime minister. source: https://cryptopotato.com/bitcoin-kimchi-premium-surges-as-south-korea-grapples-with-political-turmoil/

Bitcoin’s Kimchi Premium is on fire, hitting levels not seen in months. This metric, tracking the price gap between Bitcoin on South Korea’s Upbit exchange and Coinbase, has jumped to 3-5%, according to data from CryptoQuant. This means one thing: South Korean investors are pouring into Bitcoin like it’s their last lifeline. And why wouldn’t […] source: https://www.cryptopolitan.com/bitcoins-kimchi-premium-surge-target-at-200k/

Ethereum and Solana's communities blazed new trails for the crypto industry this year. source: https://www.bankless.com/read/how-eth-and-sol-pushed-crypto-forward-in-2024

Read the latest edition of The Shib Magazine here. The post Shib Year in Review first appeared on The Shib Daily. source: https://magazine.shib.io/article/676ee68d9333dc00014e5da5?utm_source=rss&utm_medium=rss&utm_campaign=shib-year-in-review

The US Department of the Treasury and the Internal Revenue Service (IRS) have released the final version of its broker rules to digital assets services providers, which includes provisions on requiring DeFi protocols to conduct Know-Your-Customer (KYC) procedures. Industry experts have already criticized the new provision for being unlawful and out of the Treasury’s regulatory […] The post... source: https://cryptoslate.com/treasury-and-irs-finish-broker-rules-for-defi-require-kyc-from-protocols/

The post Shytoshi Kusama Hints At Upcoming TREAT Token Launch Shortly appeared first on Coinpedia Fintech News Shiba Inu lead developer Shytoshi Kusama has confirmed the TREAT token launch shortly ahead. In an official X post by Shytoshi Kusama as of December 27, the lead developer stated, “it’s time to start talking about TREAT, the future of our state and what we’ve been up to the last few... source: https://coinpedia.org/crypto-live-news/shytoshi-kusama-hints-at-upcoming-treat-token-launch-shortly/

AI Agent, exploring the role of AI agents in crypto games Golden Finance, its development next year will surely produce even more amazing results.

The total market value of the crypto AI asset sector has exceeded US$70 billion this year, and the number of related projects exceeds 600.

Golden Finance launches Golden Web3.0 Daily to provide you with the latest and fastest news on games, DeFi, DAO, NFT and Metaverse industries.

Recommended readings tonight: 1. The Three-Plate Theory - The Ultimate Guide to Ponzi Construction; 2. Let's talk about Binance Alpha: Can the BSC ecosystem recover? ; 3. What made SOL soar 2143% in the past two years? ;

Standing at the forefront of AI Agent, we have embraced the support of ai16z.

In 2024, Bitcoin hit an all-time high due to the approval of the US spot ETF and Trump's election, but other crypto assets performed even better.

Recently, the Turkish government announced a series of stricter anti-money laundering regulations for cryptocurrencies, a move that quickly attracted widespread attention in the industry.

The Malaysian Communications and Multimedia Commission(MCMC) has announced that Telegram and Tencent's WeChat have initiated the process of obtaining the necessary license to operate their platform in Malaysia.

Ryan Salame, a former top executive at the failed cryptocurrency exchange FTX, who received a 7.5 years in prison sentencing could be coming out of prison a whole year early, according to Business Insider report.

“Matter was conserved at every moment—until humans invented money.”