According to Foresight News, the US Internal Revenue Service (IRS) and the Treasury Department have finalized new tax regulations for cryptocurrency. From 2026, cryptocurrency trading platforms will be required to report transactions to the IRS. This regulation essentially implements a provision of the Infrastructure Investment and Jobs Act passed by the Biden administration in 2021. Even without these new rules, cryptocurrency holders are required to pay taxes. However, there has been no real standardization on how to report these holdings to the government and individual investors.
Starting from 2026, covering transactions from 2025, cryptocurrency platforms must provide a standard 1099 form, similar to the forms sent by banks and traditional brokerage firms. This move is aimed at bringing more transparency and regulation to the rapidly growing cryptocurrency market. The new rules are expected to provide a clearer framework for both the government and individual investors in the cryptocurrency market.