IRS has finalized new regulations for taxing cryptocurrencies
The IRS has finalized new regulations for taxing cryptocurrencies, and cryptocurrency trading platforms will be required to report transactions to the Internal Revenue Service (IRS) starting in 2026. However, decentralized platforms that do not hold assets will be exempt. These are the main elements of the new regulations finalized by the IRS and the U.S. Treasury Department on Friday, essentially implementing a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Even without these new regulations, cryptocurrency holders would be required to pay taxes; however, there is no real standardization on how these holdings will be reported to the government and individual investors. Starting in 2026 (covering transactions in 2025), cryptocurrency platforms will have to provide standardized 1099 forms, similar to those sent by banks and traditional brokerage firms. In addition to streamlining the cryptocurrency tax process, the IRS has said it is working to crack down on tax evasion.
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