On June 28, the United States’ Internal Revenue Service (IRS) announced its final version of the new reporting requirements for crypto brokers and clarified which industry participants will be affected by the changes.
Under the new guidelines, decentralized exchanges and self-custody wallets are not required to comply with the reporting rules.
The IRS stated that after receiving feedback and complaints from industry members, they need more time to consider the complexities of fully decentralized networks.
However, stablecoins and tokenized real-world assets are not exempt from the reporting requirements and will be treated the same as other digital assets.
IRS Commissioner Danny Werfel emphasized the importance of closing the tax gap caused by digital assets and possible noncompliance from wealthy individuals.
