Blockchain and digital asset reporting: New regulations explained

Blockchain and digital asset reporting: New regulations explained

There has long been an expectation of reporting on digital asset transactions, but the newly released regulations put additional tax considerations into play. Who is considered a broker? How are gains and losses calculated? In this episode, host Carrie Falkenhayn; Deloitte’s global information reporting leader Denise Hintzke; and blockchain and digital asset specialists from Deloitte’s Washington National Tax practice, Conor O’Brien and Jonathan Cutler, deep dive into digital asset reporting, the different types of financial organizations covered by these rules, and the biggest concerns from digital asset brokers in the market:

This a whole new paradigm for decentralized exchanges and wallet providers, and there’s discussion on if it’s time to pivot their business model such that they wouldn’t be considered a broker [but] merely provide their wallet service—or get serious about figuring how to be compliant with these new rules.

—Conor O’Brien

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