ChainCatcher news, according to Cointelegraph, U.S. cryptocurrency trading will be subject to third-party tax reporting requirements for the first time, reflecting the growing concern as the valuation of digital assets rises. Analysts say this change may drive investors toward decentralized platforms.According to the final regulations released by the Internal Revenue Service (IRS), starting in 2025, centralized cryptocurrency exchanges (CEX) and other brokers will begin reporting the sales and exchanges of digital assets, including cryptocurrencies.Blockchain expert Anndy Lian stated that some investors may view this as excessive intervention, which could lead more users to shift to decentralized trading platforms.

ChainCatcher news, as the announcement date for India's Federal Budget 2024 approaches, India's Web3 community is urging for amendments to cryptocurrency tax regulations. Despite calls from the Web3 community over the past two years, the Indian government has yet to revisit the tax laws related to cryptocurrencies. Many in the industry believe these laws hinder the growth of cryptocurrency in India and lead to a brain drain to more crypto-friendly countries.The Indian cryptocurrency community has been using the hashtag "#ReduceCryptoTax" on social media platforms to express three main demands to the Indian government, including advocating for more flexible tax rates, reducing the Tax Deducted at Source (TDS) on each cryptocurrency transaction from 1% to 0.01%, and allowing loss carryforwards similar to the stock market.