The U.S. Department of Treasury has released new rules for cryptocurrency brokers. The new rules cover tax filing requirements for digital asset brokers, beginning with transactions happening next year. Notably, the rules do not cover the activities of non-custodial crypto firms, as regulations for that category of service providers would likely come later in the […]
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- The U.S. Department of Treasury has released new rules for crypto brokers.
- Brokers are required to comply with the new rules from January 1, 2025.
- The recently released rules resemble the processes for traditional investment firms.
The U.S. Department of Treasury has released new rules for cryptocurrency brokers. The new rules cover tax filing requirements for digital asset brokers, beginning with transactions happening next year. Notably, the rules do not cover the activities of non-custodial crypto firms, as regulations for that category of service providers would likely come later in the year.
According to reports, aspects of the recently released rules resemble the processes for traditional investment firms, such as filling the Form 1099-DA. However, the crypto firms would be required to keep tabs on customers’ tokens from the beginning of 2026. The Internal Revenue Service (IRS) will not call for reporting on most routine stablecoin sales. It has also put an annual threshold on NFT proceeds before reporting.
With the new tax regime, the IRS requires trading platforms, hosted wallet servi…
The post U.S. Treasury Department Releases New Tax Rules For Crypto Industry appeared first on Coin Edition.
