The IRS proposes to the White House: adopt a crypto asset reporting framework, and this new proposal may change cryptocurrency tax rules.

Jinse Finance reported that, according to regulatory documents, the U.S. Internal Revenue Service (IRS) has submitted a proposal to the White House, recommending the adoption of an international standard for digital asset reporting and taxation. The proposal is currently under review by the White House. This proposal, titled "Brokers' Digital Transaction Reporting," was submitted to the White House on November 14 and focuses on implementing the Crypto-Asset Reporting Framework (CARF). As a global tax standard, CARF would allow the IRS to obtain data on offshore crypto asset accounts held by U.S. citizens. If implemented, this measure would align the U.S. tax system with 72 other countries that have already committed to implementing CARF by 2028. The document also notes that the IRS does not classify this measure as a "policy with significant economic impact." However, once implemented, U.S. taxpayers will be required to follow stricter standards when reporting capital gains generated on foreign platforms. The Crypto-Asset Reporting Framework (CARF) was introduced by the Organisation for Economic Co-operation and Development (OECD) at the end of 2022, with the clear goal of promoting the sharing of crypto-related information among participating countries to combat international tax evasion.