The U.S. Treasury Department released the 2025 cryptocurrency tax system, with rules related to DeFi and non-custodial wallet providers temporarily shelved

2024-06-29 09:05:43
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ChainCatcher news, according to Coindesk, the U.S. Department of the Treasury's IRS has released a cryptocurrency trading tax system for 2025, aimed at establishing filing rules for digital asset brokers, but related rules for DeFi and non-custodial wallets have been temporarily shelved. The agency believes that mainstream crypto platforms handling the vast majority of transactions can no longer wait for rules, but other issues require further study, and corresponding rules will be formulated later this year.

The newly released tax rules will take effect for trading starting in 2025 and will require brokers to closely monitor the cost basis of customer tokens beginning in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures regarding changes in customer assets and earnings. These assets will also include (in very limited circumstances) stablecoins, such as USDT, USDC, and high-value NFTs, although the IRS has explicitly declined to address the long-standing debate over whether tokens should be considered securities or commodities.

Under the new regulations, the IRS will not require reporting for most regular stablecoin sales and has set a $600 annual threshold for NFT earnings, which must be reported only if exceeded.

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