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

The U.S. government agency finalized the rule, requiring identification for DeFi front ends in a “dying gasp on its way out of power.”

Author

Mike Gavela
December 30, 2024

Crypto Roundup - December 30

The cryptocurrency industry faces regulatory and market pressures as developments unfold across DeFi, CeFi, and stablecoins. The U.S. IRS is mandating KYC requirements for decentralized platforms, raising concerns about privacy and compliance. Tether is under scrutiny as the EU MiCA compliance deadline approaches, which could test the resilience of its operations. Meanwhile, Bitget's platform token surged to an all-time high following its announcement of a $5 billion token burn, highlighting significant investor interest in the CeFi space.

Top Stories

  • IRS mandates KYC for DeFi, sparking concerns over privacy and legality in decentralized platforms under new tax reporting rules.

  • Tether faces EU compliance challenges as MiCA regulations loom, potentially impacting stablecoin operations and oversight.

  • Bitget token hits ATH after announcing a $5 billion burn, marking a significant milestone for the CeFi exchange.

TOP STORIES

IRS Demands KYC for DeFi in “Unlawful” Tax Reporting Rule - "The Defiant"

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.

thedefiant.io/news/regulation/irs-demands-kyc-for-defi-in-unlawful-tax-reporting-rule

Tether Faces Pressure as EU MiCA Compliance Deadline Looms - "The Defiant"

The stablecoin could face removal from European exchanges if it fails to comply with MiCA, which aims to standardize EU market rules for crypto assets.

thedefiant.io/news/defi/tether-faces-pressure-as-eu-mica-compliance-deadline-looms

Bitget Token Hits All-time High after $5B Burn Announcement - "The Defiant"

BGB surged as much as 23% to an all-time high of $8.45 before retracing.

thedefiant.io/news/cefi/bitget-token-hits-all-time-high-after-usd5b-burn-announcement

FUNDRAISING

OTHER HEADLINES

Solana gets a leveraged ETF filing for non-existent futures

Volatility Shares' new Solana futures ETF filing comes with a catch.

blockworks.co/news/solana-etf-filing-futures

DEXs shake off doldrums and surge $463bn in volume in challenge to centralised exchanges

DEX protocols enjoyed a banner month in December. CEX platforms are still the biggest players in the crypto trading market. Market observers say DEXs are primed for big things next year.

www.dlnews.com/articles/defi/decentralised-exchanges-breaks-usd-463-billion-record

Microstrategy Won’t Stop Buying Bitcoin, Adds Another $209 Million - Decrypt

Microstrategy today announced the purchase of an additional $209 million worth of Bitcoin, its eighth consecutive weekly buy.

decrypt.co/299226/microstrategy-wont-stop-buying-bitcoin-adds-209-million

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