U.S. Crypto Tax Proposal: Miners Spared, Exchanges Targeted

The U.S. Treasury Department has released a proposed rule outlining tax reporting obligations for the crypto industry. The rule would require centralized crypto exchanges, payment processors, some hosted wallet providers, and some decentralized exchanges to report customer information. Miners and certain decentralized finance platforms would be exempt from the reporting requirements. The proposal also introduces a new tax form, the 1099-DA, for brokers to file. The industry will have until October 30 to provide public comments, and final rules are expected to be approved in 2025.