Summary
- Centralized cryptocurrency exchanges in the US have announced that they will report trader tax information to the IRS for the first time.
- Transaction information from major exchanges like Coinbase and Gemini will be reported to the IRS through the 1099-DA form.
- Users of P2P decentralized exchanges will not be subject to third-party reporting obligations until 2027.
Centralized cryptocurrency exchanges (CEX) in the United States will share information with the Internal Revenue Service (IRS) for the first time this year, as they are subject to third-party reporting requirements for tax filing.
On the 16th (local time), CNN reported, "2025 will be the first tax year where third-party reporting requirements apply to cryptocurrency traders."
When transactions occur in custody accounts on centralized crypto trading platforms like Coinbase and Gemini, the information about these transactions will be shared with the IRS. Exchanges will report the purchase and sale information of cryptocurrencies within investor accounts through a new form, 1099-DA, and once the reporting is complete, this form will be transmitted to the IRS tax data in 2026.
For investors trading on P2P decentralized exchanges like Uniswap and SushiSwap, the third-party reporting requirements will not apply until 2027.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE![[Today’s Key Economic & Crypto Calendar] Atlanta Fed GDPNow, More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[New York Stock Market Briefing] Rebound on bargain hunting in blue chips…Apple jumps 4%](https://media.bloomingbit.io/PROD/news/3710ded9-1248-489c-ae01-8ba047cfb9a2.webp?w=250)
