Svmuu News: The U.S. Internal Revenue Service (IRS) proposed new regulations on Thursday that would allow cryptocurrency exchanges such as Coinbase and Kraken to require customers to receive tax forms electronically, such as Form 1099-DA, which reports gross gains from digital asset transactions. Previously, exchanges were required to offer a paper form option.Under the tax filing system implemented this year, crypto exchanges are required to report total trading gains and cost bases. The IRS will automatically retrieve detailed profit and loss data, thereby strengthening compliance oversight of crypto asset holders. The new rules also allow exchanges to terminate business relationships with customers who refuse to receive tax forms electronically. The proposal has not yet been finalized and is currently open for public comment.It is reported that crypto tax software platforms such as CoinLedger have noted a significant increase in the number of warning letters sent by the IRS to U.S. users, reminding them that crypto transactions may be subject to taxation and must be reported in accordance with regulations. (The Block)