Kraken Discloses: 56 Million Crypto Tax Forms to Be Filed by 2025, Over One-Third for Amounts Below $1

BlockBeats News, April 22nd, the cryptocurrency exchange Kraken announced that it has submitted approximately 56 million 2025 tax year cryptocurrency transaction reports to the Internal Revenue Service (IRS), including about 18.5 million transactions involving amounts less than $1, with over 74% of the transaction amounts below $50, and only about 8.5% exceeding the $600 reporting threshold.

Kraken pointed out that due to the lack of a cryptocurrency payment "de minimis" rule in the U.S. tax system, users are required to calculate costs and gains for each transaction, even for small transactions such as using Bitcoin for everyday expenses, leading to a significant compliance burden. At the same time, staking rewards are treated as taxable income upon receipt, which may result in the issue of "book income exceeding actual asset value" during price fluctuations.

Kraken estimated that active cryptocurrency users need to spend an additional $250–$500 annually on tax software for related reporting and called on the U.S. Congress to promote a more widespread de minimis policy (tied to inflation) and to allow users to choose the taxation timing of staking rewards, aiming to reduce overall tax complexity.