IRS Implements New Rules for Taxation of Crypto Transactions

Saturday, 29 June 2024, 17:45
The Internal Revenue Service has announced finalized regulations for the taxation of cryptocurrency transactions, with a key requirement for crypto platforms to report transactions to the IRS from 2026 onwards. Decentralized platforms that do not custody funds are exempt from this reporting obligation. The new rules aim to enhance tax compliance in the rapidly evolving crypto space.
TechCrunch
IRS Implements New Rules for Taxation of Crypto Transactions

IRS Regulations on Cryptocurrency Taxation

The Internal Revenue Service has issued new regulations regarding the taxation of cryptocurrency transactions. Crypto platforms will be required to report transactions to the IRS starting in 2026. Decentralized platforms that do not hold custody of funds are excluded from this requirement.

Key Points:

  • The IRS has finalized regulations for taxing cryptocurrency transactions.
  • Crypto platforms must report transactions to the IRS from 2026.
  • Decentralized platforms not holding funds are exempt from reporting.

The new regulations are aimed at improving tax compliance within the crypto industry.

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