White House Considers IRS Plan to Access Foreign Crypto Accounts

The White House is evaluating a proposal from the IRS to adopt the global Crypto-Asset Reporting Framework (CARF), aimed at enhancing transparency in cryptocurrency transactions. This initiative seeks to grant the IRS access to data on Americans' foreign crypto accounts, aligning the U.S. tax system with 72 countries and discouraging individuals from relocating assets offshore.

Such measures are part of a broader strategy by the OECD to combat tax evasion linked to cryptocurrencies. Similarly, Brazil is exploring taxation on international crypto transfers to comply with CARF, reflecting a global trend toward stricter regulations in the crypto space.

As countries tighten their tax frameworks, the anonymity of cryptocurrency ownership may soon be challenged, prompting individuals to reassess their digital asset strategies.