Clinton Donnelly, expert in crypto taxation, recently revealed on social media platform X (formerly Twitter) that the US Treasury Department has dispatched the Crypto Asset Reporting Framework (CARF) regulations to the White House for review.

CARF is part of a comprehensive international standard developed by the Organization for Economic Cooperation and Development (OECD), which has already garnered support from nearly 90 countries that have committed to its implementation.

New Crypto Reporting Standards

The essence of CARF is straightforward: it requires all participating nations to mandate that crypto exchanges and service providers—referred to as Virtual Asset Service Providers (VASPs)—collect extensive data about their users.

This includes full Know Your Customer (KYC)

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