IRS issues temporary cryptocurrency tax relief measures, allowing CeFi exchange users to bypass tax regulations in 2025

PANews reported on January 1 that according to Bitcoin.com, the U.S. Internal Revenue Service (IRS) issued a temporary relief measure that will allow cryptocurrency holders on centralized exchanges to bypass strict tax regulations in 2025, thus Preserve the flexibility to report and track digital asset sales. The IRS's temporary relief allows taxpayers to continue to use their own records or tax software to identify the specific units being sold. “This means that if you sell assets within a CEFI broker, you can still use your books and records/crypto tax software to record the specific units you are selling,” said Chandrasekera. The reduction period only applies to CEFI transactions from January 1, 2025 to December 31, 2025. After this date, taxpayers will need to formally select an accounting method with their broker.