United States of America: Adopted IRS regulations on reporting requirements for digital asset transactions by brokers

On 27 December 2024, the United States Internal Revenue Service (IRS) adopted regulations requiring brokers to report gross proceeds in digital asset transactions. The rules expand the definition of brokers to include decentralised finance (DeFi) platforms, such as decentralised exchanges (DEXs), which facilitate the exchange or sale of digital assets. Brokers will be required to disclose gross proceeds from digital asset sales and provide information about taxpayers involved in transactions. These regulations are effective on 28 February 2025.