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Industry Experts Explain Significance of New Crypto Tax Rules in US
Industry Experts Explain Significance of New Crypto Tax Rules in US
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Starting January 1, 2025, cryptocurrency transactions in the United States will be subject to new third-party reporting requirements. The US Internal Revenue Service (IRS) has mandated that centralized crypto exchanges (CEXs) and other brokers report sales and exchanges of digital assets. This change is part of the IRS's new regulations, Rev. Proc. 2024-28, aimed at helping crypto investors file accurate tax returns. Investors who have used the Universal cost basis tracking method will need to prepare for adjustments. The new guidelines are designed to increase transparency and compliance in the crypto market.
