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.

 

[Martin Everson]

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

 

[JackAlabama]

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

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.