Overview
- The Treasury Department’s proposed rules have reached the White House for review, marking a key step toward U.S. participation in the OECD’s Crypto-Asset Reporting Framework.
- Under CARF, participating jurisdictions automatically exchange data on crypto accounts, which would give the IRS visibility into U.S. taxpayers’ holdings at foreign platforms.
- Most G7 countries and several major crypto hubs, including Singapore, the UAE, and the Bahamas, have already committed to the framework, while the U.S. has not yet formally joined.
- A White House policy report earlier this year backed U.S. implementation and said regulations should not create new reporting requirements for DeFi transactions.
- Global rollout of CARF is scheduled to begin in 2027, giving governments time to finalize rules and build the systems needed for cross-border information sharing.