The U.S. Department of the Treasury and the U.S. Internal Revenue Service release final regulations on digital assets

(MENAFN) On Friday, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) unveiled final regulations outlining new tax reporting requirements for brokers handling transactions involving digital assets. According to the Treasury Department’s announcement, these regulations require cryptocurrency brokers to report gross revenues from sales of digital assets starting in 2026 for all transactions occurring in 2025.

In addition to reporting gross proceeds, brokers will also be required to provide information on the tax base of individual digital assets starting in 2027 for transactions conducted in 2026.

Acting Assistant Secretary for Tax Policy, Aviva Aron-Dine, emphasized the importance of these provisions in increasing transparency and compliance in the digital asset market. She emphasized that the bipartisan Infrastructure Investment and Jobs Act played a key role in enabling better access to records for both investors and the IRS, making the tax filing processes easier and enabling more effective enforcement against tax avoidance by high-income investors.

The development of the final regulations follows a comprehensive review process that included a public hearing and careful consideration of more than 44,000 comments in response to the proposed regulations, the Treasury Department said in a press release. The measures are intended to streamline tax reporting procedures, ensure compliance with applicable tax laws, and strengthen efforts to combat tax evasion in the emerging digital asset sector.

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