OECD CARF stands for the Organisation for Economic Co-operation and Development’s Crypto-Asset Reporting Framework. It is an international standard for the automatic exchange of information on crypto-asset transactions. This framework aims to increase tax transparency and combat tax evasion related to digital assets. It provides a standardized format for reporting crypto activities across participating jurisdictions.
Context
The OECD CARF is a pivotal international initiative shaping the future of crypto tax compliance. News frequently highlights its development and adoption by various countries, indicating a global move towards standardized reporting for digital assets. This framework significantly impacts exchanges and service providers, requiring them to collect and share user data with tax authorities. It represents a coordinated effort to bring digital asset transactions under greater fiscal oversight.
Broker-dealers must immediately update transaction tracking and reporting systems to comply with the IRS's new 1099-DA mandate and global CARF standards.
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