On July 4, 2025, the One Big, Beautiful Bill Act was signed into law, making important changes to the Internal Revenue Code. The Act has implications for US and non-US companies and their domestic and international transactions, capital investment, and research and development activities, amongst other areas, which carry significant weight for the cryptocurrency/digital asset industry. From cryptocurrency exchanges, payment processors, asset managers and cryptocurrency funds to mining companies, token issuers, custodians, and centralized or decentralized lending platforms, the Act’s provisions reshape the tax landscape in ways that demand close attention.

On 25 August 2023, the United States Treasury Department issued a notice of proposed rulemaking regarding tax reporting by brokers of transactions involving the sale or exchange of digital assets (“Proposed Regulations”). These long-awaited Proposed Regulations are in response to section 80603 of the Infrastructure Investment and Jobs Act of 2021, which expanded the scope of information reporting obligations for brokers under Code section 6045 to cover transfers of digital assets.

While the OECD continues with its journey to modernize the global tax system under its two-pillar approach, many countries are now beginning to embark on the road to implementation of Pillar 2 and multinationals may need to prepare for its impact as early as 2023.
Join our panel of Tax professionals at the Baker McKenzie New York Office on 3 November 2022 for the next installment in our series of Pillar 2 events