DeFi
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Cryptocurrency
Blockchain Group Sues IRS Over New DeFi Rules
The U.S. Internal Revenue Service (IRS) has recently implemented new regulations aimed at decentralized finance (DeFi) protocols, marking a significant shift in how these platforms are perceived by regulatory bodies. Under these new rules, certain DeFi platforms will be categorized as brokers, compelling them to disclose Know Your Customer (KYC) information for digital asset transactions. This regulatory change is expected to impact up to 875 DeFi brokers, stirring considerable unrest…
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Cryptocurrency
Blockchain Group Sues IRS Over New DeFi Rules
IRS Regulations on DeFi Protocols: A Deep Dive into New Broker Classifications In a significant development, the U.S. Internal Revenue Service (IRS) has rolled out new regulations that redefine how certain decentralized finance (DeFi) protocols are perceived in the financial landscape. These protocols, traditionally operating with a high degree of anonymity, are now being classified as brokers, necessitating the disclosure of Know Your Customer (KYC) information for digital asset transactions.…
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Cryptocurrency
By 2027, Decentralized Platforms to Feel Impact of New Crypto Tax Regulations
The U.S. Internal Revenue Service (IRS) is set to implement a significant change in the way decentralized finance (DeFi) brokers handle taxes. Starting in 2027, DeFi platforms will be required to collect and report user trading information, issue tax forms, and provide comprehensive customer details, such as names and addresses. This initiative aims to align the taxation of digital assets more closely with that of traditional financial assets. While this…
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Cryptocurrency
Upcoming Crypto Tax Regulations Set to Impact Decentralized Platforms by 2027
The United States Internal Revenue Service (IRS) has announced a pivotal change in tax regulations that will significantly impact decentralized finance (DeFi) brokers. Commencing in 2027, DeFi platforms will be mandated to collect detailed user trading information, generate tax forms, and furnish customer details, including names and addresses. This regulation aims to align the taxation of digital assets with that of traditional financial instruments. However, this move is not without…
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Cryptocurrency
How Trump’s Victory Might Ignite a Fresh DeFi Surge on Ethereum
The cryptocurrency landscape is constantly evolving, and recent developments have sparked discussions about Ethereum’s potential resurgence. With Ethereum (ETH) recently breaking past the $2,800 mark—its highest level since August—there’s renewed optimism in the market. This price movement has taken Ethereum out of a prolonged slump, where it hovered between $2,300 and $2,600. The possibility of Donald Trump returning to the White House has added another layer of intrigue, especially for…
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Cryptocurrency
How Trump’s Victory Might Ignite a New DeFi Surge for Ethereum
The recent performance of Ethereum has left many investors and enthusiasts wondering if the cryptocurrency is on the cusp of another significant rise. With the possibility of Donald Trump ushering in a crypto-friendly administration, the conditions might be just right for a new wave of decentralized finance (DeFi) growth. Ethereum (ETH) has recently surpassed the $2,800 mark—its highest point since August—emerging from a period of stagnation where it hovered between…
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Cryptocurrency
Chainalysis: “North Korean Hackers Stole Nearly $2 Billion In 2022”
In 2022, North Korean hackers stole a staggering $1.7 billion of cryptocurrency – quadrupling the country’s prior record for crypto theft in 2021 at $429 million. Shockingly, this amasses to 44% of the entire amount stolen from cryptocurrencies worldwide last year; according to blockchain analysis firm Chainalysis, it was “the biggest year ever for crypto theft.” North Korea Turns To Cryptocurrency Theft To Fund Its Nuclear Program Despite the country’s…
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