While cryptocurrencies are becoming widespread globally, regulations are also spreading around the world at the same pace. Bitcoin 
$95,650.36 Even though the price is having a bad time, there is a lot of development going on in the background. Trump’s team may join CARF, a global tax reporting agreement that would improve cryptocurrency taxation.
Crypto Asset Reporting Framework (CARF)
It is unclear what tax they will collect from investors whose losses have reached new heights. However, if one day there is an increase in the overall market IRS He wants to do his job. The Trump administration may approve rules that would allow the US Internal Revenue Service to access reports on foreign crypto accounts.
The Treasury Department’s proposed rules for cooperation with the international crypto tax reporting framework reached Trump’s team on Friday, according to an official announcement. The president’s advisors will review these recommendations. In early 2025, the White House announced that the US Crypto Asset Reporting Framework (CARFHe requested that the rules that would open the door for him to join the ) be investigated.
The foundations for CARF were laid by the Organization for Economic Co-operation and Development in 2022. To prevent tax evasion, citizens crypto assets This global agreement, which allows the automatic sharing of information about the company, was implemented after the 2021 bull markets.
“CARF enables the automatic sharing of tax information on crypto assets and was developed to address the rapid growth of the crypto asset market and ensure that recent gains in global tax transparency are not gradually eroded.” – OECD
Crypto Taxation
Japan, Germany, France, Canada, Italy and the United Kingdom, as well as the UAE and Singapore, have signed the CARF agreement. Although this is a positive development in terms of normalization and global acceptance of cryptocurrencies, global taxation is troubling for individual investors. Most countries have not yet set standards in this regard.
In the report published in the summer, the White House wrote the following for CARF:
“Implementation of CARF, in the U.S. crypto assets “It will encourage its growth and use and alleviate concerns that the United States or US cryptoasset exchanges may be disadvantaged by the lack of a reporting program.”
Although the White House has called on the Treasury and the US Internal Revenue Service (IRS) to take action and consider CARF, it does not want DeFi transactions to be included in the new reporting requirements.
The USA still has time for CARF, which will be implemented globally in 2027. However, until that day, Trump seems to join this agreement to effectively tax cryptocurrencies.
