The Unclear Status of Decentralized Finance (DeFi) Transactions
"The Unclear Status of Decentralized Finance (DeFi) Transactions" written by Citrin Cooperman Partner and Digital Asset Practice Leader, Mark DiMichael was featured in TaxStringer, the New York State Society of CPA's online publication.
Blockchain technology and digital assets are blurring lines that were previously well established, such as the definitions of money, value, currency, investments, loans, and more. The rise of digital assets has created new types of business transactions never previously envisioned by regulators. Because of this, digital assets exist in a gray area for many accounting, tax, and regulatory issues.
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