Crypto Reporting
The Treasury has issued proposed regulations that require brokers to report proceeds from sales of digital assets. The regulation also covers real estate transactions where payment is in cryptocurrency. Under Code 6045, the Treasury requires brokers to file information returns with regard to customer transactions involving certain assets.
As part of the Infrastructure Investment and Jobs Act passed by Congress in 2021, the definition of broker was expanded to include “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.” This is the first time that the Code defined digital assets.
The goal of the proposed regulations is to treat crypto exchanges like stock brokerages and ensure transactions are reported by the crypto exchanges.
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