50 Countries Join Forces for Crypto Tax Compliance Framework
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Nearly 50 countries are partnering to enable automatic exchange of crypto trading information between firms and tax agencies.
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The effort is to ensure tax compliance and combat tax evasion in the crypto space.
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The framework is called Crypto-Asset Reporting Framework (CARF) and is set to be implemented by 2027.
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CARF was finalized in March 2023 after 2 years of negotiations.
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Some major countries involved include the US, UK, Japan, Mexico, Brazil, Germany, France, among others.