The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements.
The United States Internal Revenue Service (IRS) revealed its final draft of the new crypto broker reporting requirements on June 28, and clarified the scope of industry participants affected by the new rule changes.
According to the IRS’ new reporting guidelines, decentralized exchanges and self-custody wallets will not be subject to the new reporting rules. In the recent update, the IRS explained that it reviewed the widespread comments and complaints from industry respondents, ultimately deciding it needed “more time to consider the nuances” of completely decentralized networks.
Moreover, stablecoins and tokenized real-world assets were not exempt from the government agency’s new reporting requirements and will be treated the same as other digital assets.