Starting January 1, cryptocurrency exchanges will be required to report their customers’ annual cryptocurrency gains and losses to the Internal Revenue Service, similar to stock brokerages.
GAO
Rapidly growing DeFi exchanges such as Uniswap and dYdX will be unable to issue any form of 1099s because they are not collecting so-called Know-Your-Customer information from users. This information is generally required to file any form of 1099 with the IRS and the states. Moreover, self-custody is common in the crypto world to ensure the privacy and security of assets. Self-custodied assets will also make it harder for exchanges to issue complete 1099s because the cost-basis information is not usually available.
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