The US Treasury Department has approved a new reporting procedure that requires cryptocurrency brokers, including exchanges and payment systems, to report to the tax authorities all cases of sale and exchange of digital assets, regardless of the transaction amount.

A joint statement from the Treasury Department and the IRS states that the new rules introduce the 1099-DA reporting form. The Treasury reviewed more than 44,000 proposals before introducing the new reporting form, officials say. And they emphasize: owners of cryptocurrencies “have always been required to pay tax on the sale or exchange of digital assets.”

“The new rule simply created a formal reporting requirement to encourage taxpayers to accurately report their taxes and pay their taxes on time in accordance with applicable law,” the regulators said in a statement.

The new reporting requirements for cryptocurrency transactions are a result of the Infrastructure Investment and Jobs Act of 2021. The new rules are expected to generate about $28 billion in tax revenue for the U.S. budget over a decade.

Under the law, effective January 1, 2024, taxpayers engaged in a trade or business were required to begin reporting receipts of financial assets, including digital assets, if the value exceeded $10,000.