January 16 news, according to CNN reports, the Internal Revenue Service (IRS) of the United States announced the implementation of a third-party reporting system for cryptocurrency transactions starting in 2025. Centralized trading platforms such as Coinbase and Gemini will be required to report users' cryptocurrency transaction information to the tax authorities for the first time using a newly established 1099-DA form. According to regulations, custodial trading platforms, digital asset wallet providers, cryptocurrency ATM operators, and digital asset payment processors are required to track and record users' buying and selling transactions throughout the year and submit reports to users and the IRS at the beginning of 2026. The specific implementation timeline shows: reporting of cryptocurrency cost basis (purchase price) information will begin in 2026; peer-to-peer transaction reporting for decentralized platforms (such as Uniswap and Sushiswap) is postponed until 2027, but only the total transaction amount needs to be reported. New listings of Bitcoin spot ETF trading will also be declared through 1099-B or 1099-DA forms, including share trading and taxable events generated within the fund.