The CARF standard will start from 2027 after approval by 48 countries

Nov 11, 2023
Since 2027, 48 countries have committed to introduce a tax transparency standard that ensures the exchange of information between jurisdictions to combat tax evasion on cryptocurrency exchanges.

The agreement adds the Organization for Economic Cooperation and Development OECD and Digital Asset Reporting System CARF to the Common Reporting Standard CRS.

The press release reports that the final agreement on CARF was reached in March of this year after negotiations that lasted more than 2 years.

The UK confirmed its first global commitment to combat tax evasion in crypto. In the near future, the platforms will provide information about taxpayers to the relevant authorities.

It is worth noting that major players like Turkey, India, China and Russia have not joined the CARF initiative.