Demystifying the Newly Released Proposed Regulations on Digital Asset Transactions

Sahel A. Assar, Blockchain and Digital Asset Practice Group Leader and Counsel at the firm, moderated a panel entitled "Demystifying the Newly Released Proposed Regulations on Digital Asset Transactions" at the IFA USA Annual Virtual Conference.

This panel covered:

• Introduction to U.S. Tax Information Reporting Framework - TIN, Chapters 3, 41, 24 and 61
• Approach IRS and Treasury Devised Developing the Proposed Regulations
• Broker Reporting for Digital Assets - Introduction to Section 6045, broker” defined, reporting requirements, treatment of staking, validation mining software, DeFi wallets, stablecoins, treatment of non-U.S. exempt brokers 
• U.S. Tax Information Reporting for Digital Assets - CARF, CRS, DAC8 and other reporting requirements