According to Jinse, the U.S. Internal Revenue Service (IRS) has submitted a proposal titled 'Broker Digital Transaction Reporting' to the White House on November 14, 2025, aiming to implement the OECD's Crypto-Asset Reporting Framework (CARF). CARF, introduced in 2022, mandates automatic exchange of crypto asset data between member states to combat cross-border tax evasion. It targets entities providing crypto services, such as centralized exchanges and wallet providers, requiring them to conduct KYC checks and report user data to tax authorities. As of November 2025, 74 jurisdictions have committed to implementing CARF by 2027 or 2028, with the EU set to begin data collection in 2026.
OECD's CARF Framework Gains Global Momentum, IRS Submits U.S. Proposal
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