According to sources talking about new crypto tax reporting rules, cryptocurrency Users and service providers in 48 jurisdictions are said to be targeted by a so-called Crypto-Asset Reporting Framework (CARF).
Cointelegraph reported that the CARF needs new crypto tax reporting rules to collect more customer information, confirm their tax residency, and report users’ balances and transactions to domestic tax authorities on an annual basis.
Tax authorities will then share that information with their counterparts in other countries through existing information-exchange agreements, the report said.
The United Kingdom and the European Union, among other jurisdictions, are part of the first wave joining CARF, according to the report. The OECD developed CARF.
According to specialists who spoke with Cointelegraph, crypto users tied up in CARF can expect more rigorous questions during onboarding, increased account reviews, and a higher risk of “audits.”
In a July 2025 press release announcing the release of the data exchange formats, for CARF and another on the Global Minimum Tax (GMT), the OECD said that these projects are part of its efforts to ensure “effective implementation and enforcement of tax transparency standards and improved international tax compliance.”
CARF was developed in light of the expansion of the market for crypto-assets and the potential consequences of a more widespread adoption on tax transparency around the world.
According to the OECD website, the G20 tasked the OECD with establishing a standard in April 2021 for sharing tax information on crypto, and the OECD agreed on the CARF in August 2022.
In September 2023, G20 heads of state called for the swift formulation and implementation of global Crypto Tax Reporting Rules to enable information sharing among member countries.
CARF is under consideration in the U.S. As reported in November, the White House had begun analyzing a proposal from the Treasury Department that could introduce CARF, which would grant the IRS access to information on U.S. taxpayers’ offshore crypto holdings.
If the New Crypto Tax Reporting Rules are finalized, they would allow the IRS to request information on Americans’ cryptocurrency accounts held at foreign exchanges or with digital asset service providers, effectively expanding its oversight of cross-border holdings and undeclared tax liabilities. Officials in the administration have championed this approach.
