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The IRS implements new digital asset reporting standards to curb tax evasion
ME News Report, April 15 (UTC+8), the U.S. Internal Revenue Service (IRS) officially implemented mandatory cost basis reporting rules for digital asset brokers on April 15, 2026, applicable to centralized exchanges, custody wallet service providers, and certain digital asset handling institutions. According to the new regulation, relevant entities are required to submit Form 1099-DA to the IRS and taxpayers, documenting digital asset sales and exchanges. The IRS’s move aims to reduce the underreporting of digital asset capital gains and to align crypto asset tax reporting standards with traditional securities. For investors, this means they will need to more accurately record purchase prices, times, and on-chain transaction records of various tokens. (Source: Foresight News)