The US Internal Revenue Service has specified the tax reporting requirements for encrypted assets by 2025, and securities firms will be required to declare cost bases starting from 2026

According to the regulations of the US Internal Revenue Service (IRS), securities firms are required to declare digital asset sales revenue for transactions in 2025, while taxpayers still need to calculate their own profits and losses; Starting from 2026, securities firms are required to declare the cost basis for eligible digital assets. Even if they have not received 1099-DA, taxpayers still need to declare their digital asset related income and profits and losses. (Source: Reuters)