The US Treasury Department and IRS have introduced a new reporting form for crypto transactions

The Treasury considered more than 44,000 proposals before introducing the new reporting form, officials assure. And they emphasize: cryptocurrency owners “have always been required to pay tax on the sale or exchange of digital assets.”

"The new rule simply created a formal reporting requirement to encourage taxpayers to report accurate data on their returns and pay taxes in a timely manner in accordance with applicable law," the regulators said in a statement.

The new reporting requirements for cryptocurrency transactions stemmed from the Infrastructure Investment and Jobs Act of 2021. It is estimated that the new rules could bring the US budget about $28 billion in tax revenue over ten years.

Under the law, starting January 1, 2024, taxpayers engaged in a trade or business were required to start reporting the receipt of funds, including digital assets, if the value exceeded $10,000.