New Regulations on Digital Asset Transactions to Take Effect in 2025
The US Treasury Department and IRS have issued final regulations for reporting digital asset transactions, set to take effect in 2025. Supporters believe the regulations will increase transparency and tax compliance in the cryptocurrency industry, while critics are concerned about compliance burdens and privacy issues. The definition of "broker" remains broad, which could impact smaller entities with limited visibility into user transactions. Although the final rules removed the requirement to report transaction IDs on 1099 forms, brokers must still collect and store this information for 7 years. The regulations are expected to be controversial, and crypto companies and users should seek guidance from tax professionals to ensure compliance.
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