The era of ‘suitcase money’ is over: Why your offshore crypto is no longer safe from the taxman

Holders with large troves of unreported crypto held offshore are rightly getting nervous about new and invasive tax-reporting regimes. What to know : In the U.S., the IRS is implementing new rules targeting foreign crypto accounts within exchanges under OECD efforts to align global reporting standards. The Crypto Asset Reporting Framework (CARF) kicked off in over 50 countries at the start of this year. While exchanges and brokerages are now being asked to provide authorities with account information, some people are turning to DeFi and mixers to cover their tracks.