Kraken's decision to shut down its NFT marketplace marks a significant shift in the company's focus and a reflection of the challenges within the NFT space. Launched in December 2022, Kraken's NFT marketplace aimed to attract users with unique services like custody solutions and the ability to use NFTs as collateral. However, the broader NFT market, still reeling from the crypto bear market of 2022, hasn't bounced back as strongly as anticipated. Despite a recent uptick following pro-crypto m...

1. IRS Regulations Are TighteningExpanded Reporting Obligations: The IRS now requires brokers to report detailed information on digital asset transactions, including gross proceeds, cost basis, and holding periods.Covered Assets: Cryptocurrencies, stablecoins, and NFTs are all included.Timeline: Basis reporting begins in 2026, but tracking rules are effective starting in 2025.Form 1099-DA: This new reporting mechanism consolidates critical transaction details, ensuring transparency but also c...