PANews reported on November 18 that, according to Decrypt, the White House has begun reviewing a proposal submitted by the Treasury Department to join the Crypto Asset Reporting Framework (CARF), which would allow the IRS to access data on Americans' overseas crypto accounts. Initiated by the OECD in 2022, the CARF aims to combat offshore tax evasion through automatic information sharing among countries. Currently, dozens of countries, including the G7, have signed it. The Trump administration supported the proposal, believing it would curb the outflow of crypto assets and ensure that U.S. regulations are aligned with international standards. Global implementation of the CARF is expected to begin in 2027.PANews reported on November 18 that, according to Decrypt, the White House has begun reviewing a proposal submitted by the Treasury Department to join the Crypto Asset Reporting Framework (CARF), which would allow the IRS to access data on Americans' overseas crypto accounts. Initiated by the OECD in 2022, the CARF aims to combat offshore tax evasion through automatic information sharing among countries. Currently, dozens of countries, including the G7, have signed it. The Trump administration supported the proposal, believing it would curb the outflow of crypto assets and ensure that U.S. regulations are aligned with international standards. Global implementation of the CARF is expected to begin in 2027.
White House considers proposal for US to join the global crypto tax framework CARF
PANews reported on November 18 that, according to Decrypt, the White House has begun reviewing a proposal submitted by the Treasury Department to join the Crypto Asset Reporting Framework (CARF), which would allow the IRS to access data on Americans' overseas crypto accounts.
Initiated by the OECD in 2022, the CARF aims to combat offshore tax evasion through automatic information sharing among countries. Currently, dozens of countries, including the G7, have signed it. The Trump administration supported the proposal, believing it would curb the outflow of crypto assets and ensure that U.S. regulations are aligned with international standards. Global implementation of the CARF is expected to begin in 2027.
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