U.S. Department of the Treasury Releases Final Regulations Implementing Bipartisan Tax Reporting Requirements for Brokers of Digital Assets

Regulations help make filing easier for digital asset holders on taxes already owedWASHINGTON – As part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today released final regulations regarding reporting requirements for trading front-end service providers interacting directly with customers on digital asset transactions, often referred to as “DeFi brokers.”The final rules announced today do not change or impose any new tax obligations on digital assets. Taxpayers have always been obligated to include gains from sales or exchanges of digital assets in their income.