The Trump administration took another step towards approving rules that would give the IRS (Internal Revenue Service) access to crucial information about cryptocurrency accounts held by American citizens on foreign platforms, allowing for the taxation of these assets.

Last Friday (14), proposals drafted by the Treasury Department regarding the United States' participation in an international system for sharing tax data related to cryptocurrencies were sent to the White House, according to official information. Now, it will be up to the president's advisers to analyze the recommendation.

Earlier this year, the White House had encouraged the Treasury and the IRS to move forward with measures that would place the country within the Crypto-Asset Reporting Framework (CARF).

The CARF, created by the OECD in 2022, is an international agreement that provides for the automatic exchange of information between countries about the cryptocurrency holdings of their citizens, with the aim of combating global tax evasion.

Several nations have already joined the mechanism, including G7 members — such as Japan, Germany, France, Canada, Italy, and the United Kingdom — as well as financial centers linked to cryptocurrencies, such as the United Arab Emirates, Singapore, and the Bahamas. Brazil is also part of the initiative, and on this Monday, the Federal Revenue announced new reporting rules for operations with digital assets, aligned with the CARF.

Path of the USA towards the CARF

A detailed report on cryptocurrency policies, published this summer, brought the recommendation from Donald Trump's advisers for the United States to join the agreement.

According to the White House, the adoption of the CARF would help prevent American taxpayers from transferring their digital assets to exchanges outside the country. Additionally, it would stimulate the growth of the cryptocurrency sector in the USA and reduce concerns that the lack of a reporting system could harm local businesses.

The document guided the Treasury and the IRS to propose rules to implement the CARF, but emphasized that such rules should not create new reporting obligations for transactions carried out on DeFi platforms.

The forecast is that the CARF will be implemented globally starting in 2027.