TechFlow news — In the newly released "Green Book," the U.S. Department of the Treasury has proposed a requirement for U.S. financial institutions to report comprehensive information to the Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA), including foreign account holders’ offshore crypto accounts valued above $50,000.
The proposal notes that taxpayers can engage with overseas digital asset exchanges and wallet providers without leaving the United States, creating opportunities to conceal assets and taxable income. To ensure the U.S. benefits from the global automatic exchange of information on offshore digital assets and receives information on U.S. beneficiaries, the U.S. must reciprocally provide information on foreign beneficiaries involved in digital asset transactions.
