IRS to Require Third-Party Reporting on Crypto Transactions Starting in 2025

Starting in 2025, cryptocurrency transactions on centralized exchanges (CEX) will fall under new IRS reporting requirements, marking a significant shift for digital asset investors. These changes mean that transactions conducted through custodial accounts on platforms like Coinbase and Gemini will now be subject to third-party reporting for the first time. According to a CNN report, the Internal Revenue Service (IRS) has specified that brokers, which include custodial trading platforms, certain wallet providers, digital asset kiosks, and some payment processors, must report these transactions. 

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