Global coalition to combat cryptocurrency tax evasion set to be implemented by 2027

In a significant development, dozens of major countries have issued a joint statement reassuring the public that these jurisdictions have agreed to a set of cryptocurrency tax rules developed by the OECD, known as the Cryptocurrency Asset Reporting Framework (CARF). These countries have indicated their intention to swiftly convert CARF into domestic laws and promptly initiate exchange agreements so that exchanges can commence operations by 2027. Jurisdictions that have signed the Common Reporting Standard (CRS) will also implement amendments to the standard.