United States of America: Implemented IRS regulations on reporting requirements for digital asset transactions by brokers

Description

Implemented IRS regulations on reporting requirements for digital asset transactions by brokers

On 28 February 2025, the United States Internal Revenue Service's (IRS) regulations requiring brokers to report digital asset transactions enter into force. The rules expand the definition of brokers to include decentralised finance (DeFi) platforms, such as decentralised exchanges (DEXs), which facilitate the exchange or sale of digital assets. Brokers will be required to disclose gross proceeds from digital asset sales and provide information about taxpayers involved in transactions.

Original source

Scope

Policy Area
Other operating conditions
Policy Instrument
Other operating condition, nes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), DLT development
Implementation Level
national
Government Branch
executive
Government Body
tax authority

Complete timeline of this policy change

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2024-12-27
adopted

On 27 December 2024, the United States Internal Revenue Service (IRS) adopted regulations requiring…

2025-02-28
in force

On 28 February 2025, the United States Internal Revenue Service's (IRS) regulations requiring broke…