The Biden administration has enacted new regulations mandating crypto platforms to report transactions, ensuring accurate tax filings on digital assets by Americans.
On Friday, the U.S. Department of the Treasury and the IRS finalized rules requiring crypto brokers to disclose digital asset sales and exchanges starting in 2025.
These rules apply to brokers handling digital assets sold by customers, encompassing custodial trading platforms, certain wallet providers, digital asset kiosks, and processors of digital asset payments.
IRS Commissioner Danny Werfel emphasized, “These regulations are crucial for enhancing tax compliance among high-income individuals. We must prevent digital assets from being used to conceal taxable income, and these final regulations will bolster detection of noncompliance in this high-risk digital asset realm.”
Real estate professionals must report the fair market value of digital assets in transactions closing on or after January 1, 2026.
Exempted from reporting are transactions involving stablecoins, non-fungible tokens (NFTs), and digital asset payments below de minimis thresholds.
Decentralized or non-custodial brokers are excluded from these reporting requirements, with separate final regulations forthcoming for these platforms.
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