WASHINGTON—The Department of the Treasury and the IRS have released a set of proposed cryptocurrency regulations around brokers’ reporting requirements.
The proposed rules would require digital asset brokers, including trading platforms, payment processors and certain hosted wallet providers, to report gross proceeds for all sales or exchanges of digital assets starting on Jan. 1, 2025, CoinTelegraph reported.
Brokers, referred to as “digital asset middlemen” in the regulatory proposal, will also be subject to providing information on gains and losses incurred during the sale of crypto assets. However, this requirement will kick in on or after Jan. 1, 2026.
Comment Being Sought
The Treasury Department and the IRS are inviting small businesses in the U.S. to share how the regulations would affect them, which will be supported by a public hearing scheduled for Nov. 7, 2023.
Should the proposed regulations be enacted, the will require all brokers in the U.S. to file information returns with the IRS using the new Form 1099-DA and to provide payee statements to customers, CoinTelegraph noted.
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