Connect with us

Crypto

US IRS Releases Draft of 2025 Digital Asset Reporting Form for US Taxpayers

Published

1 year ago

on

The Internal Revenue Service (IRS) has taken a major step forward in the evolution of taxation of digital assets by releasing a draft of the 2025 Digital Asset Reporting Form for U.S. taxpayers. This initiative is aimed at enhancing compliance and oversight in the rapidly growing digital asset market.

As cryptocurrencies and other digital assets play increasingly prominent roles in the global economy, this new form will be crucial for both taxpayers and the IRS to ensure accurate reporting and fair taxation.

Overview of the 2025 Digital Asset Reporting Form

The Internal Revenue Service (IRS) has taken a major step forward in the evolution of taxation of digital assets by releasing a draft of the 2025 Digital Asset Reporting Form for U.S. taxpayers.
US IRS Releases Draft of 2025 Digital Asset Reporting Form for US Taxpayers 2

Dive into the specifics of the IRS’s newly proposed 2025 Digital Asset Reporting Form, designed to streamline the reporting process for all parties involved in digital asset transactions. We will cover the motivations behind the form, its expected impact, and the key details that taxpayers need to know.

More info here:
https://www.federalregister.gov/d/2023-17565

Key Features of the New Form

The upcoming Digital Asset Reporting Form, the Form 1099-DA, is a response to the increasing integration of digital assets like cryptocurrencies, NFTs, and stablecoins into the mainstream financial ecosystem.

Set to be introduced by the IRS for use in 2025, this form represents a pivotal shift towards standardizing the reporting of digital asset transactions, aligning them more closely with traditional financial reporting mechanisms.

What will be reported on Form 1099-DA?

Form 1099-DA will provide information about the sale or dispose of digital assets. The IRS defines this as cryptocurrencies, NFTs, and stablecoins.

Form 1099-DA will report the same information that is already reported on Form 1099-B for stocks:

  • When you received the digital asset (acquisition date)
  • How much did you pay for it (cost basis)
  • When you sold or swapped it (sale or disposal date)
  • How much money you made by selling or swapping it (sales proceeds)
  • Gross proceeds (total proceeds from that exchange or broker, without taking cost basis into consideration)
  • This will apply to sales made after January 1, 2025, therefore you will receive your first 1099-DA form in January 2026.

Scope and Reporting Requirements:

Under the new regulations, brokers and other intermediaries will be required to report transactions involving digital assets using the Form 1099-DA. This form will capture essential data such as the taxpayer’s name, address, tax identification number, and the gross proceeds from the sale of digital assets.

Significantly, it will also include the adjusted basis of the assets sold, allowing for a more accurate calculation of capital gains or losses.

Standardization of Reporting:

The Form 1099-DA is designed to replace various forms previously used to report digital transactions, such as Forms 1099-B, 1099-K, and 1099-MISC.

This consolidation aims to reduce confusion and improve the accuracy of reported data. The form will facilitate the IRS’s ability to track and tax digital transactions more effectively, mirroring the compliance levels seen with traditional securities​​.

Privacy and Compliance Challenges:

The introduction of Form 1099-DA also raises questions about privacy due to the required reporting of sensitive information such as wallet addresses and blockchain transaction IDs.

Brokers will need to navigate these requirements carefully to protect client information while complying with IRS directives.

Implementation Timeline of the DA-1099 Form:

Brokers must start reporting transactions using the Form 1099-DA for sales of digital assets that occur on or after January 1, 2025. This gives financial institutions and taxpayers time to prepare for the changes, although the final regulations are yet to be issued.

The IRS is currently soliciting comments and feedback on these proposed regulations, indicating that adjustments could still be made based on stakeholder input​​.

These changes underscore the IRS’s commitment to closing the tax gap associated with digital assets by bringing transparency to this rapidly evolving sector. Both taxpayers and brokers should prepare for significant changes in how digital asset transactions are reported, with an eye towards compliance by the 2025 deadline.

Who Needs to File the DA-1099 Form?

The Form 1099-DA is specifically designed for brokers and other intermediaries who facilitate the sale and exchange of digital assets. These entities are responsible for collecting and reporting detailed information about transactions to both the IRS and the involved taxpayers.

Individuals and businesses engaging in digital asset transactions through brokers will see these transactions reported on their behalf​​.

Challenges for Taxpayers:

Taxpayers face several challenges under the new regulations, particularly in terms of compliance and record-keeping.

The requirement to disclose detailed transaction information, including potentially sensitive data like wallet addresses, could raise privacy concerns.

Furthermore, the accuracy of the reported information is crucial as it directly affects tax liability calculations​​.

Mitigating Compliance Risks:

To mitigate these risks, taxpayers should ensure they maintain thorough records of their digital asset transactions.

This includes tracking the acquisition cost, the date of each transaction, and any exchanges or transfers of assets.

Such meticulous record-keeping will be essential for accurately reporting to the IRS and resolving any discrepancies that may arise from broker-reported data​​.

Potential Penalties:

Failure to accurately report digital asset transactions can result in substantial penalties. Taxpayers relying on brokerages to report their transactions must verify that all information is complete and accurate to avoid potential legal and financial penalties.

Regular consultation with tax professionals may be advisable to stay compliant with the evolving regulatory landscape​​.

Final Thoughts and FAQ’s

The release of the IRS Form 1099-DA is a pivotal development in the taxation of digital assets. It reflects the growing recognition of digital assets in the financial system and underscores the IRS’s commitment to ensuring all taxable events are reported and taxed accordingly.

For taxpayers, the form represents both a challenge and an opportunity to align their reporting practices with these new regulatory standards.

FAQs on the 2025 Digital Asset Reporting Form

1. What digital assets qualify for reporting on the new IRS DA-1099 form?
All digital assets that are considered “digital representations of value” and can be recorded on a cryptographically secured distributed ledger qualify for reporting. This includes cryptocurrencies like Bitcoin and Ethereum, stablecoins, and non-fungible tokens (NFTs). The broad scope ensures that any digital asset used in a manner similar to traditional financial instruments is covered​​.

2. Who is required to fill out the 2025 Digital Asset Reporting Form?
Brokers and other financial intermediaries who facilitate the trading, sale, or exchange of digital assets will need to fill out and file Form 1099-DA. This requirement extends to any entity that acts as a middleman in the digital asset market, providing services that effectuate these transactions​​.

3. What are the penalties for non-compliance with the new digital asset reporting requirements?
Non-compliance can result in significant penalties, including fines and legal consequences. These penalties are intended to enforce accurate reporting and compliance with tax obligations. The IRS emphasizes the importance of accurate information reporting to reduce the tax gap related to digital asset transactions​.

4. How can taxpayers prepare for the transition to the new reporting requirements?
Taxpayers should begin by ensuring they have robust systems for record-keeping that can track purchase dates, costs, and details of every transaction involving digital assets. Engaging with tax professionals who are knowledgeable about digital assets and new IRS regulations can also help in preparing for these changes. Regular updates from IRS guidelines will be crucial as the implementation date approaches​.

5. Where can taxpayers find more information and assistance with filling out the form?
Taxpayers can find more information on the IRS website under the digital assets section. Additionally, professional tax advisors familiar with digital asset regulations can provide guidance. Educational resources and webinars are also expected to be available as the implementation date nears, aimed at helping both taxpayers and professionals understand and adapt to the new requirements.

For more specific details or further reading, you might consider checking the official IRS website( IRS.gov) or consulting with tax professionals who specialize in digital assets.

Follow us on google news
Related Topics:
Continue Reading

Crypto

BlockDAG’s X1 Miner App Explosion With 3M Miners & 312K Holders Outshines Ethereum Fees & Doge Coin ETF Hype

Published

8 hours ago

on

September 16, 2025

By

Ethereum continues to show resilience, but the latest Ethereum (ETH) price analysis highlights how scaling and congestion still limit growth. Meanwhile, the Doge coin (DOGE) price holds steady around $0.21, yet doubts remain on whether meme momentum alone can power another surge.

The contrast is clear when compared with BlockDAG (BDAG), which is building momentum without these weak points. With over $405M raised solely from its community and more than 3 million users mining on the X1 App, BlockDAG is proving that retail-driven growth can outpace traditional fundraising. With miners, holders, and applications already in motion, it is setting a new standard for top crypto projects.

BlockDAG’s Community-Driven Success Outpaces Venture Models

BlockDAG has redefined presale dynamics. While Filecoin raised $257M and Tezos $232M with strong VC support, BlockDAG has already secured over $405M through community participation alone.

Currently in its final presale phase, the price is fixed at $0.0013 until the Singapore Deployment Event with Coinstore. More than 26.2 billion BDAG coins have been sold, making this the largest community-backed presale in years. Unlike earlier networks that relied on private investors, BlockDAG’s success comes directly from grassroots adoption, giving everyday buyers equal access before exchange listings.

Over 312,000 holders and 3 million mobile miners on the X1 app are contributing to daily expansion, while 19,800 hardware miners have already been purchased and are now being shipped. Each unboxing video and review across social channels turns into marketing, fueling even more traction. For participants, the conclusion is straightforward: the $0.0013 entry will not last, and the growth potential is immense if adoption continues on this track.

Filecoin and Tezos relied on venture capital. BlockDAG relied on its users and still surpassed them. Missing this presale could mean stepping aside from one of the top crypto projects of this decade.

Ethereum (ETH) Price Analysis: Strong Yet Limited by Congestion

The latest Ethereum (ETH) price analysis confirms that while ETH remains a dominant network, scaling challenges and congestion continue to weigh heavily. Traders are closely watching resistance levels, with DeFi and NFTs still supporting usage. Yet, every surge in traffic reignites concerns over fees and throughput, issues not resolved even after upgrades.

For long-term holders, ETH offers stability with its established ecosystem and global adoption. However, when it comes to potential explosive upside, ETH cannot compete with newer presales like BlockDAG that combine accessibility with ecosystem growth.

Doge Coin (DOGE) Price: Holding Steady With ETF Speculation

The current Doge coin (DOGE) price stands near $0.214, with daily trading volumes between $1.2–1.4 billion and a market cap around $32 billion. Technical data shows DOGE pushing above its 50-day SMA, pointing toward a possible breakout if resistance at $0.22–0.24 is cleared. Analysts identify $0.205 as a key support, narrowing the range for traders.

Speculation over a potential Dogecoin ETF has also surfaced, driving optimism while much of its momentum still comes from meme-driven enthusiasm. Despite its roots, DOGE continues to maintain a top 10 market cap and active community engagement. Whether this translates into real catalysts will define its next move.

Final Overview

Ethereum remains influential, but the latest Ethereum (ETH) price analysis highlights scaling issues and fees that remain unresolved. The Dogecoin (DOGE) price holds steady near $0.21, backed by trading activity, though its future depends on community speculation and ETF rumors.

BlockDAG presents a different path. With over $405M raised from grassroots support, 26.2 billion coins sold, 312,000 holders, millions of mobile miners, and a presale price fixed at $0.0013, it is redefining what community-led adoption looks like. 

The BlockDAG presale is positioning itself as one of the top crypto projects of 2025, showing that true decentralization can outperform legacy fundraising. Missing this presale could mean missing a historic entry point.

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Continue Reading

Crypto

WEMIX’s Web3 MMORPG Legend of YMIR Kicks Off Pre-Registration for Global Creator Program

Published

5 days ago

on

September 11, 2025

By

WEMIX PLAY, the world’s leading blockchain gaming platform with over two decades of AAA game development success, has announced the start of global pre-registration for its Legend of YMIR Streamer Supporting System (SSS) program. 

Combining an epic saga based on Norse mythology with blockchain technology, the Web3 version of the highly-anticipated title is a fantasy MMORPG for mobile and PC (on WEMIX PLAY), while the SSS is a program designed to drive streaming content creation and foster positive synergy between streamers, players, and games. 

Riding on the success of the SSS of another celebrated title within the WEMIX PLAY ecosystem, Night Crows, this iteration aims to boost community engagement and strengthen the game ecosystem by incorporating stricter streamer qualifications and enhanced rewards for user generated content.

Another key enhancement is the expansion to TikTok, in addition to existing applicable platforms like YouTube, Twitch, and Facebook. This move is intended to attract a wider range of creators and lower the barrier to entry for new players by way of accessible, short-form content such as gameplay highlights and guides.

Legend of YMIR’s SSS is slated to go live at the same time as the game’s official launch. Streamers who complete a pre-registration mission will also receive pre-registration benefits. To qualify for the SSS program, streamers must:

  • Meet the new minimum requirements of 1,000 subscribers on YouTube/Facebook/TikTok or 2,000 followers on Twitch
  • Among those who pre-register, streamers must complete the pre-registration mission (on WEMIX PLAY) to claim benefits:
    • Access the SSS pre-registration site, enter their email, and complete the pre-registration process
    • Create a video related to Legend of YMIR or the Valhalla Trials event, and submit it at the time of the formal SSS application
    • Note: Even without completing the pre-registration, streamers who meet the eligibility requirements at the time of the formal application can still participate as SSS streamers
  • Upload one recorded video (between 3–20 minutes, excluding live content) or at least three short-form videos (between 30–60 seconds, including Shorts or TikTok) to YouTube, Twitch, Facebook, or TikTok before the official launch of Legend of YMIR
  • Include mention of Legend of YMIR pre-registration events (e.g. pre-launch WEMIX staking) in the video content, and the pre-registration link for Legend of YMIR in the video description 

Once streamers have been selected, they will receive a sponsorship code which can be used within their content. At the same time, players who make in-game purchases receive “Seeds”, which can then be used to sponsor their favorite streamers. Streamers in turn receive settlement payments based on their ranking, which is determined by their cumulative supporter (70%) and Seed (30%) counts. There will also be seasonal selection and voting for top-performing streamers, and winners will receive premium in-game rewards. This creates a structure where streamers are incentivized to produce quality content and players are encouraged to build a community.

By completing the SSS pre-registration and participating in the SSS Weekly Mission, participants can earn additional Valhalla Points as part of the pre-launch Valhalla Trials, and be rewarded with YMIR in-game tokens.

With the SSS program, WEMIX aims to build community integrity, engagement, and content quality, where in-game spending directly contributes to the growth of content creators — who in turn drive user engagement and game popularity. The SSS fund — a sponsorship pool representing the total amount available to creators and funded via player participation and in-game spending — is updated on a public dashboard every hour, and is also a testament to this commitment.

For more information and to join the global #WEMIX community, please visit the following sites:

About WEMADE:

WEMADE is the only company combining over two decades of AAA game development success with a fully operational, game-proven blockchain ecosystem—built entirely on its proprietary Layer-1 mainnet, WEMIX3.0. Known for global hits such as The Legend of Mir, MIR4, NIGHT CROWS and Legend of YMIR, WEMADE is leading the industry in seamlessly integrating gameplay, tokenomics, NFTs, stablecoin payments, and blockchain infrastructure. Through WEMIX PLAY, WEMADE delivers a unified digital economy where players, creators, and investors can own, trade, and benefit from digital assets—powering the next generation of interactive entertainment and driving the evolution of Web3 gaming.

For more information, please visit https://wemade.com/. 

About WEMIX PLAY:

WEMIX PLAY is the world’s leading blockchain gaming platform, offering one of the most diverse portfolios of blockchain-powered games globally, with more than 35 titles. The platform integrates NFTs, tokenomics, payment systems, webshops, an NFT marketplace, and community features—creating a unified ecosystem where players can truly own, trade, and benefit from digital assets. As the flagship of the WEMIX ecosystem, WEMIX PLAY delivers a seamless, immersive gaming experience—empowering players, creators, and investors to participate in decentralized digital economies and shaping the future of interactive entertainment.

For more information, please visit https://wemixplay.com/.

Continue Reading

Crypto

BlockDAG Pulls $8M in Whale Buys, Pepenode Gamifies Mining, Bitcoin Hyper Targets BTC Scaling! Which Presale Should You Join Now?

Published

6 days ago

on

September 11, 2025

By

Two fast-moving launches might be making noise, but another project is quietly building serious dominance. Pepenode (PEPENODE) is pushing its gamified mining idea and has pulled in over $700K. Bitcoin Hyper (HYPER) is racing ahead with a $13M+ presale and a plan to scale Bitcoin using SVM Layer‑2 tech. Both are making headlines among presale watchers, but the real question is which project is actually delivering.

Enter BlockDAG. This isn’t about buzzwords, it’s about milestones. With the price rolled back to $0.0013 and over 3 million users already mining via the X1 app, BDAG is stacking achievements faster than either rival. While others focus on speculation, BlockDAG is out there building. And in this market, real traction beats early noise every time.

Whales Go Big on BlockDAG at $0.0013!

BlockDAG just witnessed two massive transactions, one worth $4.4 million and another at $3.6 million, both coming in at the rolled-back price of $0.0013. That’s $8 million dropped in one shot by whale wallets that clearly see something bigger forming. Moves like this don’t happen by accident. They reflect a strong belief in a project that’s not just riding hype, it’s showing real traction.

The current batch price is $0.03, but BlockDAG is offering a limited-time entry at $0.0013, creating a major upside gap. Those who got in during Batch 1 are already sitting on a 2,900% gain. With the launch price confirmed at $0.05, early buyers could be looking at serious returns once BDAG hits exchanges.

So far, $403 million has been raised, and 26.1 billion coins have been sold. The numbers speak for themselves. On top of that, 19,000 mining rigs are already out in the wild, and over 3 million users are mining daily through the X1 mobile app. That kind of early activity, before even hitting the open market, is rare.

312,000+ holders have already locked in their positions. And the whales jumping in now are effectively setting a price floor. 

The roadmap now points to Singapore, where BlockDAG’s upcoming Deployment Event will highlight its next phase of growth. For anyone still on the fence, this could be the clearest signal yet: BlockDAG isn’t waiting around, and neither are those backing it with serious capital.

Pepenode’s Burn Model Gains Steam

Pepenode (PEPENODE) is making its mark by blending meme culture with virtual mining and interactive rewards. Instead of standard mining rigs, users upgrade digital nodes to earn meme coins like PEPENODE, PEPE, and FARTCOIN. A major twist? The system burns 70% of coins used for upgrades, cutting supply and pushing long-term value potential.

That unique model has stirred excitement, reflected in the growing presale. Just days after crossing $524K, the total now exceeds $700K. Prices range between $0.0010366–$0.0010407, and more hikes are coming with each batch sold. Add in features like leaderboards, referrals, and NFTs, and the community stays engaged and active.

Analysts are already calling it one of the busiest meme launches this season. While it hasn’t launched yet, its burn mechanics and gamified setup are keeping eyes glued to what’s coming next.

Bitcoin Hyper: Scaling Bitcoin with SVM Layer‑2

Bitcoin Hyper (HYPER) is building momentum with a bold mission, bringing scalability to Bitcoin through an SVM-powered Layer‑2 chain. The goal? Enable faster processing, cheaper fees, and smart contracts, while still settling on the main Bitcoin network.

That vision is catching fire. Over $13 million has already flowed in, with daily funding still climbing. Behind the scenes, rumors swirl that exchanges like Kraken might list the project, which could take things even further.

But it’s not just about tech. The presale’s strong numbers and community buzz have turned HYPER into a hot contender in this cycle. Analysts say it could unlock Bitcoin-based DeFi, NFT support, and more, without needing a separate chain. It’s aggressive, it’s fast-moving, and if those listings land, HYPER could be in for a huge run.

Looking Ahead

Pepenode (PEPENODE) has carved out attention with its virtual mining and supply-burning mechanics, crossing $700K in early-stage traction. Bitcoin Hyper (HYPER) has pushed further with $13 million raised, aiming to make Bitcoin scalable with smart contracts and SVM tech. Both are gaining steam, but which one offers the biggest upside right now?

That’s where BlockDAG breaks away from the pack. With $8 million pouring in from whales at $0.0013, the level of confidence shown is undeniable. And retail buyers aren’t priced out; they’re still getting access at that same level.

With $403 million already raised and 26.1 billion coins sold, BlockDAG isn’t just building momentum; it’s leading it. Between the high-speed mining ecosystem, 3 million X1 users, and aggressive presale mechanics, BDAG is locking in real demand long before its official launch. If there’s one presale right now where action and results are perfectly aligned, it’s BlockDAG.

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Continue Reading

Trending