IRS to Require Third-Party Reporting on Crypto Transactions Starting in 2025 (Report)
Starting in 2025, cryptocurrency transactions on centralized exchanges (CEX) will fall under new IRS reporting requirements, marking a significant shift for digital asset investors.
These changes mean that transactions conducted through custodial accounts on platforms like Coinbase and Gemini will now be subject to third-party reporting for the first time.
New IRS Rules
According to a CNN report, the Internal Revenue Service (IRS) has specified that brokers, which include custodial trading platforms, certain wallet providers, digital asset kiosks, and some payment processors, must report these transactions.
The information will be captured on a new form, the 1099-DA, which will detail all purchases and sales of digital…
