What it Means for Digital Asset Brokers and Their Customers

If the proposed effective dates are retained in the final regulations, businesses will not have much time to do so. Most of the information required to be reported (e.g. customer data, name and number of digital asset units sold, gross proceeds, transaction ID and wallet address) should be collected at from 2025, but probably no one will want to do it. program their systems until regulations are finalized. At the time of writing, more than 120,000 comments had been filed in response to the proposed rule. It will take some time for the government to review and consider them, so it seems unlikely that Treasury and the IRS will be able to issue final regulations before the spring or even summer of 2024. This seems like a huge coup. thumbs up for businesses that currently do not collect any customer data. because they do not have any of the required systems in place.