CoinVoice has recently learned that the U.S. Treasury Department stated on Friday that it has finalized rules requiring certain decentralized finance brokers to report the total proceeds from digital asset sales. According to a statement released by the U.S. Treasury Department, the new regulations require 'DeFi brokers' to act like traditional brokers handling securities and are required to collect information about their users' trades and send them 1099 forms.

Brokers must send these 1099 forms to clients, which are used to report payments that typically do not come from employers, such as income outside of wages. Now some 'participants in the decentralized finance industry' must file tax returns disclosing 'the name and address of each customer.' [Original link]