Trump Administration Advances Plan to Tax Americans’ Offshore Crypto Holdings
The White House is reviewing proposed rules that would bring the U.S. into a global tax transparency framework targeting cryptocurrency assets held abroad. The Treasury Department submitted draft regulations for the Crypto-Asset Reporting Framework (CARF) to presidential advisors on November 14, signaling potential adoption of the OECD-led initiative.
CARF mandates automatic information sharing between participating nations to combat offshore crypto tax evasion. Over 53 jurisdictions including all G7 members except the U.S. have already joined the agreement. Major crypto hubs like Singapore and the Bahamas are signatories.
Implementation WOULD require foreign exchanges to report U.S. customers' digital asset holdings to the IRS. The move follows recommendations from Washington's digital-asset policy advisors who urged CARF participation in a summer policy report.
