Crypto

27 countries come together to share cryptocurrency users’ data

27 countries come together to share cryptocurrency users' data

The cryptocurrency asset reporting framework will change the crypto ecosystem

Nearly 50 governments worldwide have jointly agreed to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international benchmark on automatic information exchanges between tax authorities, into their domestic law, according to a statement published on November 10.

The Organization for Economic Cooperation and Development (OECD) publicized the CARF in 2022, which was developed from a G20 mandate in April 2021 that requires reporting cryptocurrency types and digital asset transactions through service providers or intermediaries.

The document’s authors propose activating information exchange agreements to begin by 2027. The statement reads, “The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.”

The countries pledging to participate include 38 members of the OECD and traditional offshore financial sanctuaries such as Gibraltar and the Cayman Islands. However, the European-focused agreement doesn’t include vital markets such as China and Hong Kong, Russia, Turkey and the United Arab Emirates. Two Latin American countries, Chile and Brazil, are included, with no countries from Africa.

Besides CARF, another international tax information exchange protocol is being implemented to view crypto assets. The eighth version of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting regulation, was implemented by the Council of the European Union in October. Its goal is to present tax collectors with the authority to observe and assess all cryptocurrency transactions made within any other state in the EU.

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