As of December 2024, the regulatory landscape for digital assets has seen significant developments globally. Here are the key points regarding the current regulations and legal frameworks governing digital assets:
United States
IRS Regulations: The U.S. Department of the Treasury has released final regulations on digital asset transactions. These rules require brokers, not digital asset holders, to report the gross proceeds of digital asset sales through Form 1099. This aligns digital asset reporting with existing standards for traditional financial services, aiming to reduce tax errors and ensure compliance.
California Legislation: Governor Newsom signed AB 1934, extending the date of licensure under the Digital Financial Asset Law (DFAL) from July 1, 2025, to July 1, 2026. This provides more time for businesses to comply with the new licensing requirements.
BRIDGE Digital Assets Act: The U.S. House of Representatives passed the BRIDGE Digital Assets Act, which aims to provide a comprehensive regulatory framework for digital assets, including oversight by the SEC and CFTC.
The regulatory environment for digital assets is rapidly evolving, with significant developments in the U.S., Europe, and other regions. These regulations aim to enhance transparency, ensure compliance, and provide a stable framework for the growing digital asset market.