The US IRS strengthens oversight of overseas crypto accounts, with over 50 countries having launched reporting frameworks.

The United States Internal Revenue Service (IRS) is implementing new regulations targeting overseas crypto accounts within exchanges, in line with the OECD's global reporting standards. The Crypto-Asset Reporting Framework (CARF) was launched earlier this year in over 50 countries, requiring exchanges and brokers to provide account information to relevant authorities. Some individuals holding large amounts of undeclared overseas crypto assets have begun turning to decentralized finance (DeFi) and mixing tools to evade tracking.