Starting in 2027, 48 countries have agreed to introduce a new tax transparency standard to eliminate tax evasion associated with cryptocurrency.
The agreement integrates the OECD’s CARF crypto asset reporting system into the Common Reporting Standard (CRS), an information standard for the automatic exchange of financial account data between tax authorities.
Countries intend to transpose CARF into domestic legislation and activate sharing agreements in time for data sharing to begin, in accordance with national legislative procedures.
The list of jurisdictions committed to implementing CARF in accordance with the joint statement includes: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, United Kingdom, Denmark, Germany, Greece, Hungary, Iceland, Ireland, Spain, Italy, Canada , Cyprus, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, USA, Finland, France, Croatia, Switzerland, Sweden, Czech Republic, Chile, Japan, South Africa, South Korea , Estonia; Crown dependencies of Guernsey, Jersey and the Isle of Man; and the overseas territories of the United Kingdom, the Cayman Islands and Gibraltar.