HomeNewsDigital AssetsWorking together to put the Crypto-Asset Reporting Framework into practise

Working together to put the Crypto-Asset Reporting Framework into practise

Date: 10 November, 2023

A coalition of numerous countries, including Armenia, Australia, Austria, Barbados, and many others, has issued a collective statement. This statement expresses their support for the newly proposed international standard, the Crypto-Asset Reporting Framework (CARF), developed by the OECD. The purpose of this framework is to maintain pace with the rapid growth of the crypto-asset market and prevent any erosion of recent progress in global tax transparency. These countries are committed to implementing the CARF into their domestic laws and activating exchange agreements by 2027, pending national legislative procedures. Additionally, jurisdictions that adhere to the Common Reporting Standard will align their standards with amendments agreed upon by the OECD earlier this year, following a similar timeline for implementation. They invite other jurisdictions to join their efforts, aiming to strengthen the global automatic information exchange system and eliminate tax evasion opportunities.

References:

https://treasury.gov.au/media-release/collective-engagement-implement-crypto-asset-reporting-framework

 

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