The White House is reviewing the tax policy on overseas cryptocurrency assets, and the cross-border regulatory framework may be adjusted

According to Decrypt, the Trump administration is advancing a regulatory proposal aimed at authorizing the IRS to obtain key information about citizens' overseas cryptocurrency accounts and implement taxation.

According to a government website announcement, the Treasury Department's proposal for the U.S. to join the international cryptocurrency tax reporting framework was submitted to the White House on 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 facilitate the U.S. joining 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, Japan, Germany, France, Canada, Italy, the UK, as well as cryptocurrency hubs like the UAE, Singapore, and the Bahamas have signed on. In the cryptocurrency policy report released this summer, Trump's cryptocurrency advisory team recommended that the U.S. join this framework. The White House noted at the time: "Implementing CARF will prevent taxpayers from transferring digital assets to overseas trading platforms, promote the growth of digital asset applications in the U.S., and avoid putting the U.S. at a competitive disadvantage due to a lack of reporting mechanisms." The report called for the Treasury Department and the IRS to study specific implementation plans but emphasized that "new reporting requirements should not be set for DeFi transactions." According to the plan, the global deployment of CARF is set to officially launch in 2027.