In this episode, we break down when crypto transactions become reportable under the Crypto-Asset Reporting Framework (CARF) — and why not every wallet movement or exchange triggers a filing.
Key Takeaways:
- Spending Crypto Triggers Reporting:
- Direct purchases of goods or services with crypto remain rare. Most users must convert crypto into fiat before spending — and that’s often where reporting begins.
- Acquiring Crypto Assets:
- With fiat currency: Report the total amount paid.
- By exchanging crypto: Report the fair market value (FMV) of what was acquired.
- Disposing of Crypto Assets:
- Selling for fiat: Report the gross amount received.
- Swapping crypto-to-crypto: Report the FMV of the asset disposed.
- Retail Payment Transactions:
- RCASPs must report retail crypto payments above $50,000, based on the FMV of goods or services purchased.
- Transfers to Wallets:
- Transfers to wallets outside the RCASP (like self-hosted wallets) must be reported if the wallet’s ownership isn’t known.
- In such cases, the wallet address itself is omitted from the report but retained for regulators.
- Transaction Categories:
- Exchange Transactions: Crypto-to-fiat or crypto-to-crypto swaps (e.g., BTC to USD, ETH to stablecoin).
- Transfers: Crypto moving between wallets or accounts under different control.
- Reportable Retail Payments: Crypto used directly for large purchases.
- Multiple Asset Reporting:
- Each crypto type — or even NFT variation — may require its own report for the same user if traded or held separately.
Why It Matters:
CARF’s detailed reporting structure ensures that both exchanges and users are fully visible to tax authorities once crypto moves — turning what was once “off-chain secrecy” into on-chain transparency.
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