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The White House is currently reviewing overseas cryptocurrency taxation policy, and the cross-border regulatory framework may be adjusted.
BlockBeats News, November 18th, according to Decrypt's report, the Trump administration recently promoted a regulatory proposal aimed at authorizing the IRS to obtain key information on US citizens' overseas cryptocurrency accounts and implement taxation. According to a government website notification, the Treasury Department's cooperative proposal for the US to join the international cryptocurrency tax reporting framework was submitted to the White House last Friday, and the President's advisory team will review it.
Earlier this year, the White House urged the Treasury Department and the IRS to develop relevant rules to advance the US's participation in the "Cryptocurrency Asset Reporting Framework" established by the OECD in 2022. This multilateral agreement requires member countries to automatically share citizens' cryptocurrency asset information to combat cross-border tax evasion. Currently, within the G7, hubs for cryptocurrency such as Japan, Germany, France, Canada, Italy, the UK, the UAE, Singapore, the Bahamas, have all signed.
In a cryptocurrency policy report released this summer, Trump's cryptocurrency advisory team proposed that the US join this framework. The White House stated at the time: "Implementing CARF will prevent taxpayers from transferring digital assets to overseas trading platforms, promote US digital asset growth applications, and avoid putting the US at a competitive disadvantage due to a lack of reporting mechanisms." The report requested the Treasury Department and the IRS to study specific implementation plans, but emphasized that "no new reporting requirements should be set for DeFi transactions."
According to the plan, the global deployment of CARF is scheduled to officially begin in 2027.
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