The IRS implements new digital asset declaration standards to curb tax evasion

The IRS has officially implemented mandatory cost-based reporting rules for digital asset brokers, which apply to centralized exchanges, custody wallet service providers and some digital asset processing institutions. Under the new rules, relevant entities are required to file Form1099-DA with the IRS and taxpayers to record the sale and redemption of digital assets. Reported that the IRS's move aims to reduce the space for underreporting of capital gains on digital assets and push the tax reporting standards for crypto assets closer to traditional securities. For investors, it is necessary to more accurately save the purchase price, time and on-chain transaction records of various tokens in the future.