47 Countries Adopt a New Standard for Crypto Tax Reporting!
Countries including the US, UK, and Japan have pledged to implement the Crypto-Asset Reporting Framework (CARF), a new international standard aimed at facilitating the automatic exchange of information between tax authorities. The CARF will provide a common standard for tracking the ownership and transaction history of cryptocurrencies, helping authorities identify tax evasion and money laundering activities. The CARF is expected to be incorporated into domestic legal systems by 2027. By participating in this initiative, countries are signaling their commitment to ensuring transparency and accountability in the rapidly growing crypto industry.