U.S. cryptocurrency transactions included in IRS tax returns for the first time, and third-party reporting will be implemented from 2025

On January 16th, according to CNN, the IRS announced the implementation of a third-party reporting system for cryptocurrency transactions starting in 2025. Centralized trading platforms like Coinbase and Gemini will be required to report users' cryptocurrency transaction information to the tax department for the first time through the newly established 1099-DA form.

According to regulations, custodial trading platforms, digital asset wallet providers, cryptocurrency ATM operators, and digital asset payment processors need 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 schedule shows that the reporting of cost basis information for cryptocurrency assets (purchase price) will begin in 2026; reporting of peer-to-peer transactions on decentralized platforms (such as Uniswap and Sushiswap) will be delayed until 2027, but only total transaction volume needs to be reported. Newly listed Bitcoin spot ETF transactions will also be reported through the 1099-B or 1099-DA form, including share transactions and taxable events generated within the fund.