U.S. Government Pushes for International Crypto Tax Reporting Framework

The U.S. government is pushing forward with a proposal to enable the IRS to access information about citizens’ overseas crypto holdings and enforce tax obligations on these assets. This proposal, submitted by the Treasury Department to the White House, seeks to align the U.S. with the international crypto tax reporting framework established by the OECD in 2022. The proposal calls for automatic sharing of data on American citizens’ cryptocurrency assets to combat cross-border tax evasion. The framework has garnered support from a number of countries including Japan, Germany, France, Canada, Italy, the United Kingdom, UAE, Singapore and the Bahamas.