Papers Please = DeFi

[wellington]

Seems the IRS/Treasury is going to force compliance with the US for DeFi, much like how my asian banks ask me to do FACTA forms annually... they want KYC/Tax reporting for DeFi transactions going forward.

https://www.financemagnates.com/cry...as-brokers-mandates-gross-proceeds-reporting/

All will have to comply, those that don't will get indicted to set examples.

DeFi will need to learn how to launch operating from within chain (front ends -> i've done that before so it can be done even dynamically).

And walk away from it.

 

[daniels27]

Only front-end providers are affected. Maybe a good time for the revival of telnet then. taha"¤%

 

[Martin Everson]

Good times to move operation out of U.S and EU and stop dealing with US persons.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JackAlabama]

Martin Everson said:
Good times to move operation out of U.S and EU and stop dealing with US persons.
Click to expand...

yeah pretty much. This trend in motion will only intensify, already today a lot of services are blocked to US persons.

However with anything US, it can change anytime and in any direction (like the axing of the UBO registration for the LLC).

 

[OKboomer]

Everyone on CT is hopeful that the Trump administration will repeal this. Too naive to expect that?

 

[wellington]

Think it's already being challenged.