IRS Proposes Electronic Tax Forms for Crypto Exchanges

The U.S. Internal Revenue Service (IRS) is taking steps to increase transparency and accountability within the cryptocurrency market by proposing new rules for tax reporting.

Under the proposed regulations, brokers and exchanges would be required to deliver tax form 1099-DA electronically, rather than providing paper copies upon request.

This move is part of the IRS's broader efforts to expand its oversight of digital assets and improve tax compliance in the crypto sector.