The two United States federal agencies, including the Department of the Treasury and the Internal Revenue Service (IRS), among others, released a set of rules for cryptocurrency proposed for detailing brokersโ reporting requirements, stated Cointelegraph.
It is believed that the Office of Advocacy of the U.S. Small Business Administration revealed that the proposal around crypto regulations for brokers was released on August 29, 2023.
โThe proposed rules would require digital asset brokers, including trading platforms, payment processors, and certain hosted wallet providers, to report gross proceeds for all sales or exchanges of digital assets starting on January 1, 2025,โ Cointelegraph explained.
Furthermore, โBy designating a federal regulator to provide comprehensive federal oversight of spot markets for nonsecurity crypto assets, Congress could mitigate financial stability risks and better ensure that users of the platforms receive protections, โ Cointelegraph concluded.
(With insights from Cointelegraph)
