Illinois enacts the nation's strictest digital asset tax law - 富途牛牛
Illinois enacts the nation's strictest digital asset tax law, imposing new reporting requirements and penalties on crypto exchanges, brokers, DeFi protocols, and high-volume traders.
Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 8, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders operating in or with Illinois residents should confirm how it applies to their specific situation before acting. There is a time constraint attached: Effective for tax year 2025; filings due by early 2026.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Crypto & DeFi Tax Reporting continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.
What changed
Illinois passed a law requiring detailed reporting of digital asset transactions, including cost basis, wash sales, and staking rewards, with stricter penalties than federal rules.
Who it affects
Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders operating in or with Illinois residents
What you must do
Review and update tax reporting systems to comply with Illinois-specific requirements, including 1099-DA-like forms and additional disclosures.
Deadline
Effective for tax year 2025; filings due by early 2026.
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