U.S. Treasury Issues Crypto Tax Regime For 2025, Non-Custodians Need To Wait

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The US Treasury Department has issued its tax regime for crypto transactions, setting up filing rules for digital assets brokers. The new Internal Revenue Services (IRS) rules for crypto brokers require trading platforms, hosted wallet services, and digital assets kiosks to submit disclosures on the movements and gains of customers’ assets. The rule released on Friday will go into effect for transactions starting in 2025 and will require brokers to keep tabs on the cost basis for customers’ tokens starting in 2026. The Decentralized finance (DeFi) operations and non-hosted wallet providers will have to wait for their own rules later in the year.