The Crypto-Asset Reporting Framework (CARF) is an international standard developed to provide for the automatic exchange of tax information on crypto assets. It establishes rules for reporting entities to collect and report information on crypto asset transactions. This framework aims to increase transparency and combat tax evasion in the digital asset sector. It defines the types of assets and transactions subject to reporting.
Context
The CARF is a pivotal development in global tax transparency for digital assets, currently undergoing adoption discussions among various jurisdictions. Its implementation presents significant operational challenges for virtual asset service providers, requiring substantial system adjustments. Key debates revolve around the exact scope of assets covered and the timeline for its global application. Future developments anticipate its broad acceptance as the primary standard for crypto tax reporting.
Reporting Crypto-Asset Service Providers must immediately update due diligence and data systems to capture cross-border transaction information starting January 1, 2026.
Global crypto service providers must immediately implement new due diligence and data architecture to support automatic tax information exchange starting January 2026.
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