Arguably, one of the largest developments affecting the digital asset industry this year comes from a sleepy corner of the tax law. In August, the Department of the Treasury and the Internal Revenue Service issued proposed regulations implementing a law that extended Form 1099 information reporting by securities brokers to digital asset brokers.
The proposed regulations would apply broadly to many businesses in the digital asset ecosystem, which will require them to set up systems to collect and report the information to the IRS and their customers and require collection of most of the information beginning in 2025, and since we do not anticipate final regulations until sometime next year, companies will
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