The 2025 cryptocurrency transaction tax system released by the U.S. Treasury Department

Effective time and filing requirements: The new rules will officially take effect in 2025, and will require brokers to pay close attention to the cost basis of customer tokens starting in 2026. Digital asset brokers need to file in accordance with the new regulations and submit detailed disclosures on customer asset changes and gains. Asset scope: The new rules not only apply to cryptocurrencies, but also extend their reach to the fields of stablecoins and non-fungible tokens (NFTs). The IRS specifically mentioned stablecoins such as USDT and USDC, as well as high-value NFTs. Although they are included in the scope of regulation, not all stablecoin sales will be required to report.

Tax threshold: For NFT gains, the IRS has set an annual threshold of $600, and only gains exceeding this threshold will be included in the scope of tax regulation. Most regular stablecoin sales will not be required to report, showing the IRS's tolerant attitude in this regard.

DeFi and non-custodial wallet rules: It is worth noting that the relevant rules on decentralized finance (DeFi) and non-custodial wallets have been temporarily shelved, which means that there is still some uncertainty in this area in the new tax system. The IRS said that the issues of DeFi and non-custodial wallets require more research and corresponding rules are expected to be formulated later this year.

Impact and significance: The implementation of the new tax system will have a profound impact on the entire cryptocurrency ecosystem. It will not only require trading platforms, custodial wallet services, and digital asset kiosks to strictly comply with the new regulations, but will also promote further standardization and transparency of the cryptocurrency market. At the same time, the new rules also reflect the US government's attention and regulatory attitude towards the cryptocurrency industry, and provide clearer guidance for the long-term development of the industry.

In summary, the 2025 cryptocurrency transaction tax system issued by the US Treasury Department is a comprehensive and detailed regulatory provision aimed at regulating the tax behavior of the cryptocurrency market and promoting the healthy development of the entire ecosystem.