The US Department of the Treasury and the Internal Revenue Service (IRS) have announced the implementation of a cryptocurrency trading tax system for the year 2025. The purpose of this system is to establish filing rules for digital asset brokers, but rules regarding DeFi and non-custodial wallets have been temporarily postponed.
The rules, released on Friday, will take effect for transactions starting in 2025 and require brokers to closely monitor the cost basis of customer tokens starting in 2026. The new regulations for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchanges to submit disclosures regarding customer asset changes and income. These assets will also include stablecoins, such as USDT and USDC, as well as high-value non-fungible tokens (NFTs) in very limited circumstances.
According to the new regulations, the IRS will not require reporting for most regular stablecoin sales, and a $600 annual threshold has been set for NFT earnings that need to be reported.
Tags:
– DeFi
– NFT
– IRS
– custodial
– tax
– Department of the Treasury
Source:
https://www.coindesk.com/policy/2024/06/28/us-treasury-issues-crypto-tax-regim…
Note: The views expressed in Bitpush News articles represent the author’s opinions and do not constitute investment advice.
Original article:
https://www.bitpush.news/articles/6911563
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