Starting in 2025, US cryptocurrency exchanges will face third-party reporting requirements, and information will be directly submitted to the IRS.

BlockBeats News, January 16th, according to CNN, starting from 2025, it will be the first year that cryptocurrency transactions will be required to comply with third-party reporting requirements for tax purposes, meaning that if the transactions were conducted in a custodial account on centralized cryptocurrency exchanges such as Coinbase or Gemini, relevant information will be sent to the Internal Revenue Service (IRS).

According to the regulations, custodial exchanges, 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 in early 2026.

The specific implementation schedule shows that reporting of cryptocurrency cost basis (purchase price) information will begin in 2026; reporting of peer-to-peer transactions on decentralized platforms (such as Uniswap, Sushiswap) will be delayed until 2027, but only total transaction amounts need to be reported. Trades of newly listed Bitcoin spot ETFs will also be reported using Form 1099-B or 1099-DA, including share transactions and taxable events generated within the fund.