The U.S. Treasury Department has released new guidelines aimed at increasing tax compliance within the cryptocurrency sector.
These rules require crypto exchanges, brokers, and payment processors to report transactions over a certain threshold to the Internal Revenue Service (IRS).
The guidelines also extend to decentralized finance (DeFi) platforms, requiring them to adhere to similar reporting standards as traditional financial institutions.
The move is part of a broader effort by the U.S. government to close the tax gap and ensure that all cryptocurrency transactions are properly taxed.
While some in the crypto community have expressed concerns over privacy and regulatory overreach, others see it as a step towards greater legitimacy and integration of digital assets into the financial system.
