The US Department of the Treasury and IRS have unveiled the 2025 cryptocurrency tax reporting framework, introducing new requirements for digital asset brokers while temporarily deferring rules affecting DeFi platforms and non-custodial wallet providers.
Key Provisions of the 2025 Crypto Tax Rules
Effective for transactions occurring in 2025 (with reporting beginning in 2026), the regulations will:
- Require brokers to track and report customers' token cost basis
- Apply to trading platforms, hosted wallet services, and digital asset kiosks
- Include certain stablecoins like USDT and USDC in limited circumstances
- Set a $600 threshold for NFT gain reporting
👉 Stay updated on crypto regulations with our comprehensive policy tracker.
What's Not Included
The Treasury has postponed implementation of rules concerning:
- Decentralized finance (DeFi) protocols
- Non-custodial wallet services
- Most routine stablecoin transactions
Implementation Timeline
| Year | Requirement |
|---|---|
| 2025 | Rules take effect for transactions |
| 2026 | First reporting deadline for brokers |
Frequently Asked Questions
Q: When do these crypto tax rules take effect?
A: The regulations apply to transactions occurring on or after January 1, 2025, with the first reporting due in 2026.
Q: Do I need to report every NFT sale?
A: Only NFT sales generating $600+ in gains require reporting under the new rules.
Q: How will this affect decentralized exchanges?
A: DeFi platforms currently remain exempt as the Treasury continues studying how to implement reporting for decentralized services.
👉 Understand how these changes affect your crypto taxes with our free tax calculator tool.
Industry Implications
The phased approach suggests regulators recognize the technical challenges of applying traditional financial reporting standards to decentralized systems. This delay provides valuable time for:
- Industry feedback
- Technological solutions
- Regulatory clarity development
Financial analysts suggest this measured approach could help balance innovation with compliance needs, though future rulemakings may eventually address these excluded sectors.