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United States
2026-09-25 13:34:15

First 1099-DA tax season leaves some U.S. crypto investors waiting on exchange data

U.S. crypto investors are going through the first tax season tied to the new Form 1099-DA reporting framework, and a notable share are still missing key records needed to file. According to an August survey by Awaken Tax of 1,000 U.S. crypto investors, 21% of respondents who had already filed or planned to request an extension said they were still waiting for required information from exchanges or other crypto platforms. About 20% said the information on their 1099-DA forms was incomplete, or they were unsure whether it accurately reflected their trading activity. The Internal Revenue Service said brokers generally must report gross proceeds from digital asset sales for 2025 transactions, but in most cases do not yet need to report cost basis. That means taxpayers still have to calculate gains and losses on their own. Reporting of cost basis for eligible digital assets is scheduled to begin in 2026. The IRS also said taxpayers must still report digital asset income and gains or losses even if they do not receive a 1099-DA form.

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First 1099-DA tax season leaves some U.S. crypto investors waiting on exchange data
UK
2026-08-27 15:56:00

UK tax data shows 240 people reported more than £1 million in crypto gains

UK tax data for the 2024 to 2025 tax year shows that 240 people reported capital gains of more than 1 million British pounds each from digital assets, according to figures released by HM Revenue and Customs. Their combined crypto-linked capital gains came to about $975 million. Across the same period, 17,600 people reported digital asset gains totaling $1.9 billion, while total crypto-related asset disposals from sales or trades reached $18.7 billion. The release adds to the UK’s wider push to tighten crypto tax reporting. Financial Secretary to the Treasury and Paymaster General James Murray said gains on cryptoassets are taxable in the same way as other gains and that the government wants people profiting from crypto to understand what they owe. The UK is also moving under the OECD Crypto-Asset Reporting Framework, which will require crypto asset service providers to submit data on users’ gains and losses that may not otherwise have been declared. The figures followed reports that the tax authority had sent more than 81,000 letters to people suspected of underpaying taxes, including crypto investors.

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UK tax data shows 240 people reported more than £1 million in crypto gains
Federal Reser
2026-08-27 11:33:55

Cleveland Fed study says crypto ownership is driven more by beliefs than demographics

A new study from the Federal Reserve Bank of Cleveland argues that crypto ownership is explained more by investors’ subjective expectations for returns and risk than by standard demographic factors such as age, income, or gender. The paper, titled Do You Even Crypto, Bro? Cryptocurrencies in Household Finance, was written by Michael Weber, Bernardo Candia, Olivier Coibion, and Yuriy Gorodnichenko and draws on multiple large-scale surveys of U.S. households, with as many as 25,000 households in each round. The researchers found that, even after controlling for other factors, people under 40 were about 13 percentage points more likely to hold crypto than those over 60, while men were about 4 percentage points more likely to hold it than women. Still, beliefs carried more explanatory power. Among respondents willing to forecast returns, crypto holders expected an average 22% return over the next year, compared with roughly 7% for non-holders. A 1 percentage point increase in expected crypto returns was associated with about a 0.8 percentage point increase in the likelihood of holding crypto. The study also found that providing respondents with Bitcoin’s past 12-month return raised the average portfolio share they wanted to allocate to crypto by about 2 percentage points from a control-group baseline of about 4.3%, and increased the likelihood of later purchasing crypto by about 2.5 percentage points.

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Cleveland Fed study says crypto ownership is driven more by beliefs than demographics
Federal Reser
2026-08-23 15:41:19

Fed study finds crypto investors are driven more by beliefs, and Bitcoin gains data can lift buying intent

New research from the Federal Reserve Bank of Cleveland says cryptocurrency investors differ sharply from investors in traditional assets, with expectations for future returns and risk doing more to explain crypto ownership than standard demographic factors such as age, income, or gender. The paper, titled Do You Even Crypto, Bro? Cryptocurrencies in Household Finance, draws on multiple waves of U.S. household survey data, with each round covering as many as roughly 25,000 households. According to the study, crypto holders expect average returns of about 22% over the next year, compared with about 7% among non-holders, and they also tend to view crypto as less risky. The researchers found that a 1 percentage point increase in expected returns is linked to about a 0.8 percentage point rise in the probability of holding crypto. In a randomized information experiment, simply showing respondents Bitcoin’s gains over the previous 12 months raised planned crypto allocation by about 2 percentage points and increased the probability of an actual purchase by about 2.5 percentage points.

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Fed study finds crypto investors are driven more by beliefs, and Bitcoin gains data can lift buying intent