Cryptocurrency Exchange Kraken Discloses Submission of Approximately 56 Million Cryptocurrency Tax Returns for the 2025 Tax Year to the IRS
Cryptocurrency exchange Kraken disclosed that it has submitted approximately 56 million cryptocurrency tax returns for the 2025 tax year to the IRS, of which about 18.5 million involve amounts of less than $1. Over 74% of transactions are below $50, and only about 8.5% exceed the $600 reporting threshold.
Kraken pointed out that the current lack of a "minimum tax exemption" rule for cryptocurrency in the U.S. forces users to calculate costs and gains for each small transaction, even for daily small purchases. Additionally, staking rewards are recognized as taxable income upon receipt, which may lead to situations where "paper income exceeds actual asset value" due to price fluctuations. The platform estimates that users need to pay an additional $250–500 annually for tax compliance and calls for legislation to introduce a tax exemption threshold and adjust the timing of taxation on staking.
Source: Public Information
ABAB AI Insight
5600万份申报中绝大多数为小额交易，这揭示了一个核心矛盾：加密资产在技术上已具备“支付工具”属性，但在制度上仍被视为“逐笔计税的资产交易”。当每一笔消费都触发资本利得计算时，交易成本被人为放大，直接抑制其作为货币的使用场景。
所谓 de minimis（最低免税额），在传统外汇与个人资产中普遍存在，其作用是降低制度摩擦，允许小额交易在不影响税基的前提下自由流动。加密领域缺失这一机制，本质上是监管仍将其定位为投机性资产，而非日常支付媒介。
质押收益的税收处理则暴露出“名义收入与实际流动性错配”的问题。按到账计税意味着用户在未变现情况下承担税负，这与传统金融中的未实现收益通常不征税的原则存在张力。这种设计会放大波动周期中的税务风险，尤其在价格下跌阶段。
从更宏观的角度看，这类摩擦决定了加密资产的路径分化：一部分将继续被纳入金融资产体系（ETF、托管、机构配置），另一部分若要成为支付工具，则必须获得制度层面的“低摩擦通道”。税制是否调整，将直接影响加密资产是在“金融化”还是“货币化”方向上演进.