🇺🇸 US IRS 🫵 will require KYC on DeFi platforms by 2027 🗓️

🇺🇸 US IRS 🫵 will require KYC on DeFi platforms by 2027 🗓️
📜 New tax regulation – The Internal Revenue Service (IRS) has announced new rules requiring decentralized finance (DeFi) platforms to implement Know Your Customer (KYC) procedures and report digital transactions.

🔑 Key regulation points

1️⃣ Data collection:

💥 Front-end providers on DeFi platforms must identify users and report their positions in cryptocurrencies and NFTs.

💥 Services will be restricted for non-compliant users.

2️⃣ Who is affected?

💥 DeFi platforms like Uniswap and PancakeSwap that process digital asset sale orders.

💥 P2P Operations: Intermediated transactions may fall under the new expanded definition of "broker".

3️⃣ Deadlines:

💥 The regulation will take effect for transactions carried out from January 1, 2025, with full implementation by 2027.

💎 P2P Questions: Direct operations without intermediaries may be exempt, but structured platforms will be subject to the rules.

🪂 The IRS states that the changes are not intended to harm the DeFi sector, but to ensure a fair tax environment for everyone.

#taxation #DeFi #cryptocurrency #KYC #IRS

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you