A joint statement by a group of countries announced adopting the crypto asset reporting framework as a new standard for crypto taxation worldwide.
The Organization for Economic Cooperation and Development (OECD) launched a crypto asset reporting framework (CARF) back in 2022. The international standard was created to avoid leaks in crypto taxation on a global scale. The new framework was touted to reduce fraudulent sections of the crypto space and bring in better transparency.
After a year since its launch, a group of countries have stated they would adopt the framework. They jointly released a statement on the development. They said, “As jurisdictions that play host to active crypto markets, we therefore intend to work towards swiftly transposing the CARF into domestic law and activating exchange agreements in time for exchanges to commence by 2027, subject to national legislative procedures as applicable.”
The statement recognized the growth and development of the crypto assets market. The group mentioned they were adopting the standard to maintain the progress of tax transparency in the sector. Meanwhile, adopting the framework could be a turning point for global crypto regulation. In fact, the G20 has agreed on a consensus on crypto regulation recently, with a policy document on the matter.
The countries that are signatories of the statement include multiple European nations. They said they would integrate the framework into their domestic tax systems. Crypto taxation as a subject has attracted the attention of policymakers in the recent past. Various nations like Slovakia and Japan have seen positive developments for favorable crypto taxation. On the other hand, the latest framework could also work in a similar direction for improving crypto regulation.
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