IRS and Kraken Guide: New Crypto Tax Rules and Reporting Responsibilities for U.S. Investors (Translation to Nigerian Pidgin not available due to linguistic limitations)
From 2025, IRS go require U.S. crypto investors to begin dey track cost based on wallet for tax matter, as dem go replace di old Universal tracking method. Dis change dey show say dem dey watch crypto profits as e dey increase in value. Kraken don release tax guide to help investors sabi dis new requirement for di 2024 tax year. Di guide explain say IRS classify crypto as property and e separate capital gains from income tax wey dey relate to different crypto activities. E also talk say correct record of transaction dey important to avoid hefty penalties. As tax platforms like Koinly dey adapt to di changes, dis change for tax regulation show say e be part of di global trend wey dey lean towards stricter crypto taxation. Traders suppose dey observe such developments so that dem fit minimize dia tax burden.
Neutral
Wetin new IRS rules wey dey require wallet-based cost tracking mean sey e dey show sey dem dey increase supervision for crypto tax matter, wey fit affect trader behavior as dem dey adjust to keep am compliant. But this increase regulation na part of larger global trend wey traders don dey expect so e go get neutral impact overall. The release of Kraken tax guide dey provide clarity and resources for investors, wey dey make compliance easier and dey minimize risk of penalties, but e no dey directly affect market sentiment or prices for short term. For long term, as tools for compliance dey improve and become norm, market stability fit increase.