The US Treasury Department has approved new reporting requirements for cryptocurrency brokers. Now, exchanges and payment systems are required to report all cases of sales and exchanges of digital assets to the tax service, regardless of the transaction amount.

To implement the new rules, a reporting form 1099-DA has been introduced. This decision was made after careful consideration of more than 44,000 proposals, highlighting the regulators’ serious approach to this issue.

US authorities emphasize that cryptocurrency owners have always been obligated to pay taxes on transactions with digital assets. The new rules are designed to formalize reporting requirements and encourage taxpayers to provide accurate data.

Legislative basis for changes

The new reporting requirements are based on the Infrastructure Investment and Jobs Act, passed in 2021. This law became a key factor in tightening control over the cryptocurrency market.

It is expected that the new rules could bring about $28 billion in tax revenue to the US budget over a ten-year period. This is a substantial amount, demonstrating the potential of the cryptocurrency market as a source of tax revenue.

Additional obligations for businesses

As of January 1, 2024, an additional requirement was introduced: taxpayers engaged in trade or business are required to report the receipt of financial funds, including digital assets, if their value exceeds $10,000.

These changes reflect the growing attention of US authorities to the cryptocurrency sector and the desire to integrate it into the existing financial system with appropriate tax regulation.

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