CARF will become the cryptocurrency reporting standard in Singapore. This was announced by the Singapore Revenue Authority on November 15, 2023.
The CARF standard is expected to come into effect in 2027, giving all stakeholders time to prepare.
Singapore not only agreed to the provisions of CARF, but also actively participated in the development of the system.
The CARF system is one of the most successful attempts to formalize the rules for reporting and accounting for crypto assets.