New IRS Rule Against Tax Evasion Requires Crypto Companies to Reveal Trade Information

July 5, 2024 08:05:00

The U.S. Treasury Department has announced a new requirement for most crypto brokers to report user transaction proceeds to the Internal Revenue Service (IRS) starting in two years. The measure, aimed at preventing tax evasion in the cryptocurrency market, was revealed through an IRS statement on June 28, 2024.

Beginning in 2026, payment processors and crypto exchanges, including platforms such as Coinbase, will be mandated to share information on user trades and sales with the IRS. This includes, in certain cases, stablecoins such as Circle’s USDC and Ether (USDT), as well as high-value NFTs. However, the…

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