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US Treasury Unveils Comprehensive Cryptocurrency Regulations for Brokers, Ensuring Transparency and Security in Digital Asset Trading

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US Federal Agencies Propose Rules for Cryptocurrency Reporting

The Department of the Treasury and the Internal Revenue Service (IRS) have released a set of rules for cryptocurrency brokers’ reporting requirements. The proposal was made on August 29, 2023.

Reporting Requirements for Digital Asset Brokers

  • Digital asset brokers, including trading platforms, payment processors, and certain hosted wallet providers, will be required to report gross proceeds for all sales or exchanges of digital assets.
  • The reporting requirement will start on January 1, 2025.

Federal Oversight of Spot Markets

Congress could designate a federal regulator to provide comprehensive federal oversight of spot markets for nonsecurity crypto assets. This would help mitigate financial stability risks and ensure user protections on these platforms.

(With insights from Cointelegraph)

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