Foreign Crypto Accounts Are No Longer Safe

In the United States, the Internal Revenue Service (IRS) is introducing new rules targeting international crypto accounts. This development is part of efforts to harmonize global reporting standards under the framework of the Organisation for Economic Co-operation and Development (OECD).

As of 2023, the Crypto Asset Reporting Framework (CARF) has been enacted in over 50 countries. With this framework, exchanges and brokerage services are required to provide account information to authorities.

Some individuals are turning to decentralized finance (DeFi) services and mixers to disguise their tracks. However, these methods carry risks in terms of legal compliance.