RCASPs refers to Reporting Crypto-Asset Service Providers, entities obligated under international tax transparency frameworks to collect and report information on crypto-asset transactions and holdings. These providers include exchanges, custodians, and certain decentralized finance platforms. They play a pivotal role in facilitating the automatic exchange of crypto-asset information between tax authorities.
Context
The designation and obligations of RCASPs are central to the implementation of new tax reporting standards like CARF and DAC8. Jurisdictions are working to clearly define which entities fall under this classification and to establish robust mechanisms for data collection and secure transmission. Compliance with these new mandates presents significant operational challenges.
Reporting Crypto-Asset Service Providers must immediately update due diligence and data systems to capture cross-border transaction information starting January 1, 2026.
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