Nearly 50 Jurisdictions Partner To Enable Automatic Info Exchange Between Crypto Trading Firms and Tax Agencies

Nearly 50 nations including the US are collaborating to enable automatic information exchange between crypto trading firms and tax agencies.

In a new press release, the government of the United Kingdom (UK) says that the coalition of jurisdictions is partnering up to create the Crypto-Asset Reporting Framework (CARF) as a means of ensuring tax compliance and combating tax evasion.

“To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the OECD (Organisation for Economic Co-operation and Development) – the Crypto Asset Reporting Framework (CARF).

The widespread, consistent and timely implementation

Continue reading