“We call for the early implementation of the Crypto Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We request the Global Forum on Tax Transparency and Information Exchange to establish an appropriate and coordinated time frame for the commencement of information exchange among relevant jurisdictions,” reads the consensus declaration signed by G20 leaders.
Under the proposed framework, countries would automatically exchange information on cryptocurrency transactions between jurisdictions annually, including transactions on unregulated crypto exchanges and wallet providers.
Crypto transactions are already subject to new disclosure standards in many countries. In May, the European Union approved updated CARF compliance rules establishing procedures for the automatic exchange of information between European governments for tax purposes. According to the new rules, the transfer of digital assets must be accompanied by the name of the beneficiary, the address of the beneficiary’s distributed registry, and the beneficiary’s account number.