The OECD's Crypto-Asset Reporting Framework (CARF) will form the basis for implementing these standards.
It provides for the automatic exchange of tax-relevant information
, which is extremely important in an environment where cryptocurrencies are increasingly used for both investment and financial transactions. A key feature of crypto assets is their ability to be transferred and stored without the participation of traditional financial intermediaries
which previously made such transactions difficult to track for tax purposes.
Following the G20's
* call to the Global Forum on Transparency and Information Exchange for Tax Purposes, a special working group was created to develop the legal and operational instruments of CARF
. This indicates the seriousness of the international community’s intentions in the field of cryptocurrency regulation. The planned discussion of these issues at the plenary meeting of the Global Forum in Lisbon from November 29 to December 1, 2023 will be a key moment in this process.*G20 members are the largest countries, such as Russia, China, the United States and Turkey. The G20 members account for 85% of the world's GDP and 66% of the world's population. Accordingly, the implementation of CARF will greatly affect the crypto industry.