According to Cointelegraph, the U.S. Internal Revenue Service (IRS) has issued new rules requiring brokers to report digital asset transactions, including decentralized exchanges (DEXs). The new rules will take effect in 2027 and require brokers to disclose taxpayer information and their total proceeds from crypto asset sales.
Under the new rules, if decentralized finance (DeFi) platforms have sufficient control or influence in the transaction process, DEXs may be considered brokers. The Blockchain Association and the Texas Blockchain Commission filed a lawsuit, claiming that the new rules are unconstitutional.
Turkey has also introduced new rules requiring users who trade more than 15,000 Turkish lira (about $425) to share information, which will take effect on February 25, 2025.
Montenegro's Minister of Justice approved Do Kwon's extradition to the United States, ending his long legal proceedings. Hong Kong's stablecoin bill entered the Legislative Council for deliberation. If passed, the issuer will need to obtain permission from the Hong Kong central bank.