ChainCatcher news, according to market news, the Internal Revenue Service (IRS) of the United States has announced that the enforcement date for cryptocurrency tax reporting rules will be postponed to December 31, 2025. This move aims to give cryptocurrency brokers more time to address legal and regulatory challenges and improve relevant accounting methods.

ChainCatcher news, according to The Wall Street Journal, to address the issue of tax evasion by cryptocurrency investors, the U.S. Treasury Department has proposed new tax regulations. These regulations aim to simplify complex tax issues and ensure that cryptocurrency investors comply with tax laws. According to the proposal, by 2026, cryptocurrency trading platforms such as Coinbase will be required to submit Form 1099s to the IRS, reporting the total income from transactions.In addition, trading platforms will later begin reporting the cost basis of assets purchased by customers. The purpose of these new regulations is to increase tax transparency and ensure that investors report their taxes correctly. Furthermore, these regulations will also apply to non-fungible tokens (NFTs) and decentralized finance platforms.