PayPal: Starting in 2025, US users will be required to report encrypted transactions and will need to provide Form 1099-DA.

PayPal stated that starting with the 2025 tax year, U.S. digital asset brokers (including PayPal) are required to report cryptocurrency asset disposals to the IRS and provide users with Form 1099-DA. If a user sells or exchanges cryptocurrency assets within their PayPal wallet, PayPal will send the user Form 1099-DA by February 15th of the following year, along with an annual profit and loss statement and transaction summary, for use in completing Form 8949 to report capital gains or losses. PayPal also reminds users that cryptocurrency transactions outside the platform must be recorded and reported by the user themselves.