Decision on crypto assets from 48 countries

In a joint statement issued by the relevant public authorities of these countries, it was stated that the Crypto-Asset Reporting Framework (CARF), a new international standard developed by the OECD, is welcomed as a means to keep pace with the rapid development and growth of the crypto asset market and to maintain gains in global tax transparency.

The statement noted that the widespread, consistent, and timely implementation of the CARF will ensure tax compliance and further enhance countries' capabilities to prevent tax evasion, adding that the necessary legal and coordinated efforts will be undertaken to implement the CARF by 2027.

The statement included the following: "As authorities committed to the common reporting standard, we will implement these standards in accordance with the aforementioned timeline and subject to applicable national legislative procedures."

OECD Secretary-General Mathias Cormann expressed his satisfaction with the announcement that 48 countries and jurisdictions intend to implement the OECD's global tax transparency framework for the reporting and exchange of information on crypto assets by 2027.

Stating that today's decision is an important step forward, Cormann remarked, "This step also marks another significant milestone in a widespread and coordinated approach to combating tax evasion through greater transparency and information exchange. We welcome the broad support shown for moving quickly to make the international exchange of information collected under the OECD standard for the reporting of crypto assets a reality. The international community can count on the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains up-to-date and effective moving forward."

The 48 countries and jurisdictions are as follows: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, South Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, the Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the US, along with the Crown Dependencies of Guernsey and Jersey, the Isle of Man, and the UK Overseas Territories of the Cayman Islands and Gibraltar.

News Source: 12punto