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

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. New IRS Rules 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. The information will be captured on a new form, the 1099-DA, which will detail all purchases and sales of digital assets. This form will be sent to both the taxpayer and the IRS by early 2026. Taxpayers will be required to include this information in their 2025 tax returns. Failure to do so could result in discrepancies, as the IRS will already have this data on file. Cost basis reporting, which refers to the original purchase price of a digital asset, will not be required from brokers until the 2026 tax year. Jessalyn Dean, vice president of tax information at Ledgible, explained that this delay may affect taxpayers’ ability to calculate taxable gains accurately. It is important to note that the cost basis is crucial for determining the gains or losses from asset sales. For those engaging in decentralized platform transactions, the timeline is different. Peer-to-peer transactions on platforms like Uniswap and Sushiswap will not be subject to third-party reporting until 2027. These platforms will report only the gross proceeds of transactions, as they do not have access to the original purchase price necessary to calculate the cost basis. Meanwhile, investors in spot Bitcoin exchange-traded funds (ETFs) will also be affected by reporting requirements this year. ETF providers will issue forms such as the 1099-B or 1099-DA, which will include not only the proceeds from sales but also any taxable events that occur within the fund. Dean even advised Bitcoin ETF investors to seek guidance from tax advisers, as taxable gains or losses can arise from the fund’s internal management activities, even if the underlying assets are held long-term. IRS Relief Notice The latest development comes less than a month after the IRS introduced automatic relief for centralized finance users facing new crypto tax regulations in 2025, requiring no immediate action. This relief addresses complications from Section 6045 custodial broker rules, which required CeFi brokers to report transactions using specific accounting methods. Defaulting to FIFO could increase tax liabilities, but taxpayers can bypass this by using their own records or crypto tax software. Starting in 2026, users must select an accounting method with their brokers to avoid default FIFO treatment. The post IRS to Require Third-Party Reporting on Crypto Transactions Starting in 2025 (Report) appeared first on CryptoPotato . Bitzo

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On-Chain Data Indicates Solana (SOL) Whales Are Heavily Investing in This Altcoin Dubbed the New XRP

In a surprising turn of events, on-chain data reveals that Solana (SOL) whales are acquiring a new project called Remittix (RTX). This emerging platform is being hailed by many in the crypto community as the next XRP challenger due to its emphasis on swift cross-border transactions. Although SOL has been in the spotlight for its rapid network speeds, the major players behind it are now amassing RTX at an unexpected pace. Examining Solana (SOL) Before diving into what attracts whales to Remittix (RTX), let`s take a closer look at Solana (SOL). Known for its exceptionally fast transaction speeds and strong DeFi ecosystem, Solana (SOL) has won over numerous developers seeking scalable infrastructure. Its token, SOL, is still among the most valuable in the crypto world. However, the same whales who once backed SOL seem eager to diversify their investments, eyeing the future of cross-border solutions. Reasons Whales Are Interested in Remittix (RTX) On-chain data shows that large addresses previously associated with Solana (SOL) are now acquiring significant amounts of Remittix (RTX). But what`s driving this shift? Firstly, Remittix (RTX) provides an effortless way to convert cryptocurrencies into fiat and transfer them directly to global bank accounts. This practical bridging of crypto and traditional finance is earning it comparisons to XRP, renowned for addressing cross-border payments. With global remittances reaching billions annually, whales recognize the potential for wide adoption of a service like Remittix (RTX). The Technical Draw of Remittix (RTX) Aside from its practical applications, Remittix (RTX) employs a secure contract that has undergone auditing to ensure minimal vulnerabilities. Early users appreciate its straightforward fee structure and the locked liquidity designed to protect against extreme price fluctuations. High-volume traders, noticing these safety features, often view the token as a more reliable investment. Given the astute nature of whales associated with Solana (SOL) transactions, their investment in Remittix (RTX) implies they recognize strong foundational elements in this new player. Why Is It Considered the "New XRP Challenger?" Remittix (RTX) is likened to XRP mainly for its efficiency and speed in cross-border transactions. Whereas XRP made strides by collaborating with banks to facilitate global payments, Remittix (RTX) tackles the same issue from a grassroots level—enabling direct remittances from wallets to bank accounts. Some enthusiasts believe that if Remittix (RTX) gains enough momentum, it could echo or even exceed the initial buzz surrounding XRP. This possibility has caught the eye of substantial holders previously committed to Solana (SOL) and other leading altcoins. On-chain trackers indicate a steady inflow of RTX into whale wallets previously linked to SOL holdings. This transition may suggest that whales are expecting a significant price increase if market sentiment turns bullish. It`s not necessarily a move away from (SOL), but rather a strategic approach—whales want exposure to multiple promising coins. Should Remittix (RTX) continue to enhance its payment platform and establish key partnerships, early whale investments could prove highly lucrative. Conclusion The movement of Solana (SOL) whales towards Remittix (RTX) highlights a shift in the direction of informed investments. With its emphasis on seamless remittances and a secured liquidity system, Remittix (RTX) attracts those prioritizing practical solutions over mere hype. Coupled with on-chain data indicating substantial whale accumulation, it`s no surprise this coin is being called the new XRP challenger. Whether Remittix (RTX) will truly earn that title remains uncertain, but the current trend in whale activity suggests one thing: major investors see something noteworthy in this up-and-coming cross-border payment platform. Explore the future of PayFi with Remittix by checking out their presale here: Website: https://remittix.io/ Socials: https://linktr.ee/remittix Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Bitzo, nor is it intended to be used as legal, tax, investment, or financial advice. Bitzo