White House Muses Giving The IRS Insight Into Offshore Holdings Of US Citizens
The White House is weighing a proposal that could give the IRS direct visibility into Americans’ offshore crypto accounts, signaling the biggest shift in U.S. digital-asset oversight in years.
Administration Evaluates U.S. Entry Into Global Crypto-Reporting Pact
The proposal, as reported first by Decrypto on Monday, involves joining the Crypto-Asset Reporting Framework, a system created by the OECD in 2022.
CARF requires participating nations to automatically share information about citizens’ cryptocurrency holdings.
It is designed to curb offshore tax evasion and improve global transparency.
Most G7 nations have already adopted the framework, including Japan, Germany, France, Canada, Italy, and the United Kingdom.
Crypto hubs such as Singapore, the UAE and the Bahamas are also members.
The United States is one of the few major financial centers not yet committed to the system.
Earlier this year, the Trump administration urged Treasury and the …
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