🔥The US Treasury has just issued new tax regulations for cryptocurrencies, making significant changes in the way cryptocurrency transactions are managed and reported.
Starting January 1, 2025, all centralized exchanges such as #Coinbase and #Kraken will have to collect and submit tax reports on customer transactions. This process will be similar to how stock brokerage companies are doing it today.
Similar rules were also planned to apply to decentralized exchanges (#DEX ) and decentralized finance (DeFi) platforms. However, due to many difficulties in implementation, these regulations are temporarily postponed.
Implementation schedule:
2025: Users will still have to self-declare and pay taxes on their cryptocurrency transactions.
From 2026: Tax authorities will start sending tax invoices based on data received from exchanges.
According to the new regulations, the following transactions will be taxable:
Withdraw #stablecoin with a value of 10,000 USD or more.
Sell NFTs for $600 and up.
#Bitcoin $BTC
