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The U.S. Internal Revenue Service (IRS) has introduced rules requiring "DeFi brokers" to report gross income from transactions in cryptoassets. 

According to the new requirements, such market participants will perform roughly the same as brokers in the traditional market: collect information about the transactions of their users and send Form 1099. The latter is used to report income other than wages and other payments from an employer.

The harmonization of tax reporting requirements "will make the filing process easier and less expensive for bona fide taxpayers." 

Certain "participants in the decentralized finance industry" will be required to file tax returns that disclose "the name and address of each customer." The finalized rules apply to "frontend service providers" that "interact directly with customers."

These requirements will take effect on January 1, 2027, and will affect 875 "DeFi brokers," according to the agency.

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