加密货币交易所在2025年经历了重大转变

加密货币交换行业正在经历重大的转变，因为新法规和市场动态在2025年重塑了该行业。

Coin exchanges are facing a complete overhaul in reporting and regulatory requirements in 2025.

硬币交易所在2025年的报告和监管要求方面面临着全面的大修。

IRS Form 1099-DA Ushers in New Era of Tax Reporting

IRS表格1099-da ushers在税收报告的新时代

A pivotal change in tax reporting requirements will come into effect in 2025, with centralized cryptocurrency exchanges becoming subject to the new IRS Form 1099-DA [1]. This shift is expected to generate an unprecedented 8 billion new forms annually, significantly increasing the volume of information returns processed by the IRS [1].

税收报告要求的关键变化将在2025年生效，集中式加密货币交易所受到新的IRS表格1099-DA的约束[1]。预计这种转变每年将产生前所未有的80亿新形式，从而大大增加IRS处理的信息回报量[1]。

The implementation of Form 1099-DA will follow a phased approach:

表格1099-DA的实施将遵循分阶段的方法：

Wendy Walker, VP of Regulatory Affairs at Sovos, explains: “The government knows centralized exchanges can report gross proceeds– many of them were reporting gross proceeds on Form 1099-K until the new 1099-DA regulations were released. So that’s why this year, for 2025, exchanges are required to report gross proceeds amounts, and they get another year to report the cost basis details for transactions in 2026.” [1]

Sovos监管事务副总裁温迪·沃克（Wendy Walker）解释说：“政府知道集中式交易所可以报告总收入 - 其中许多人报告了1099-K表格的总收益，直到发布了新的1099-DA法规。因此，这就是为什么今年的2025年，需要交流来报告总收入金额，并且他们将获得另一年的时间来报告2026年交易的成本基础细节。” [1]

Global Regulatory Frameworks Emerge

全球监管框架出现

The regulatory landscape for coin exchanges extends beyond the U.S. The Organisation for Economic and Cooperative Development (OECD) has introduced the Crypto-Asset Reporting Framework (CARF), which aims to facilitate transparent reporting of crypto-asset-related transactions between tax authorities [1]. In response, European Union member countries have adopted DAC7 and DAC8 to ensure regional exchanges’ compliance with these new standards [1].

硬币交易所的监管格局扩展到了美国经济与合作开发组织（OECD）（OECD）推出了加密资产报告框架（CARF），该框架旨在促进税务机构之间与加密交易的透明报告[1 ]。作为回应，欧盟成员国采用了DAC7和DAC8，以确保区域交流遵守这些新标准[1]。

State-Level Reporting Requirements Add Complexity

州级报告要求增加了复杂性

Individual states within the U.S. are also developing their own crypto tax reporting requirements, adding another layer of complexity for coin exchanges [1]. The inclusion of state income tax and withholding boxes on the new Form 1099-DA signals the IRS’s intention to share this information with participating states in the Combined Federal State Filing (CF/SF) program [1].

美国境内的个别州也在开发自己的加密税收报告要求，为硬币交换增加了另一层复杂性[1]。在新表格1099-DA上包括州所得税和预扣箱，这表明IRS与联邦联邦州申请（CF/SF）计划中的参与州共享此信息的意图[1]。

Implementation Challenges for Exchanges

交流的实施挑战

As coin exchanges navigate this new regulatory environment, they face several core implementation challenges:

当硬币交换在这个新的监管环境中，他们面临着几个核心实施挑战：

Volume Management: The fractional nature of cryptocurrency trades results in exponentially higher transaction volumes compared to traditional stock and bond trading [1].

数量管理：与传统的股票和债券交易相比，加密货币交易的分数性质导致的交易量更高[1]。

Identity Verification: Managing the collection and processing of Forms W-8 and W-9 presents significant challenges in customer identity verification [1].

身份验证：管理表格W-8和W-9的收集和处理在客户身份验证中提出了重大挑战[1]。

Cost-Basis Tracking: Beginning in 2026, exchanges must implement systems to track the purchase and sale dates of assets to determine cost-basis and calculate gains and losses for tax purposes [1].

成本基础跟踪：从2026年开始，交易所必须实施系统以跟踪资产的购买和销售日期，以确定成本基础并计算出税收目的的损益[1]。

Market Dynamics and New Entrants

市场动态和新进入者

While established exchanges grapple with regulatory changes, new market entrants are emerging with innovative approaches. DTX Exchange, for instance, has garnered attention by combining blockchain transparency with institutional-grade tools [2]. With over 700,000 holders during its ICO phase, DTX Exchange is set to launch at $0.36, offering a hybrid model that allows users to trade ETFs and forex with crypto-like speed [2].

在建立的交流努力应对监管变化的同时，新的市场进入者正在以创新的方式出现。例如，DTX Exchange通过将区块链透明度与机构级工具相结合[2]，从而引起了人们的注意。 DTX Exchange在其ICO阶段期间有超过700,000个持有人的推出，以0.36美元的价格推出，提供了一种混合模型，使用户可以以类似加密的速度来交易ETF和外汇[2]。

Regulatory Shifts Under New Administration

新政府的监管转变

The cryptocurrency industry is experiencing a significant shift in regulatory strategy under the Trump administration. The SEC’s recent voluntary dismissal of appeals related to the “Dealer Rule” signals a change in approach to cryptocurrency regulation [3]. Acting SEC Chairman Mark Uyeda has launched a crypto task force led by Commissioner Hester Peirce, focusing on developing a comprehensive and clear regulatory framework for crypto assets [3].

特朗普政府领导下的加密货币行业正在经历监管策略的重大转变。美国证券交易委员会最近对与“经销商规则”有关的上诉的自愿驳回表示，加密货币法规的方法发生了变化[3]。代理SEC主席Mark Uyeda已发起了由专员Hester Peirce领导的加密工作组，重点是为加密资产开发全面而清晰的监管框架[3]。

Looking Ahead: Potential Legislative Developments

展望未来：潜在的立法发展

Industry experts anticipate potential legislative developments that could further impact coin exchanges:

行业专家预计，潜在的立法发展可能会进一步影响硬币交流：

David Shapiro, a cryptocurrency legal expert, predicts that the passage of a stablecoin bill could bring fresh institutional interest to the crypto market: “I’m sure all of the banks would like to do this and compete with Tether, but there’s not enough regulatory clarity. So once Congress has the stablecoin bill, that’ll probably bring a lot of money in.” [5]

加密货币法律专家戴维·夏皮罗（David Shapiro）预测，稳定法案的通过可能会给加密货币市场带来新的机构利益：“我敢肯定，所有银行都想这样做并与Tether竞争，但是没有足够的监管机构明晰。因此，一旦国会获得了稳定法案，那可能会带来很多钱。” [5]

As the regulatory landscape continues to evolve, coin exchanges must remain agile and proactive in adapting to new requirements while meeting the growing demands of users in an increasingly complex market.

随着监管格局的不断发展，硬币交易所必须保持敏捷和积极主动，以适应新的需求，同时满足用户在日益复杂的市场中的不断增长的需求。