The Defiant
2024-12-27 23:07:11

IRS Demands KYC for DeFi in “Unlawful” Tax Reporting Rule

With just four days left in 2024, the Internal Revenue Service (IRS), the tax and revenue enforcement agency of the U.S. government, finalized its broker rule, which will require know-your-customer (KYC) for DeFi front-ends by 2027. The document , which is set to be published on Dec. 30, states that trading front-end service providers are to obtain identification information from users, report crypto and NFT positions to the IRS, and withhold services from users that do not comply. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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