OECD advances implementation of crypto asset reporting framework, ushering in a new phase for global crypto tax compliance.
PANews reported on February 1st, citing Coindesk, that as global crypto tax regulations continue to tighten, industry observers believe the "era of offshore crypto asset tax avoidance" is gradually coming to an end. Holders of large amounts of undeclared offshore crypto assets are facing higher compliance risks, and some investors have begun proactively seeking voluntary disclosure to mitigate potential criminal risks. The Crypto Asset Reporting Framework (CARF), promoted by the OECD, has been implemented in multiple jurisdictions, aiming to unify global crypto asset information reporting standards and requiring trading platforms, brokers, and other institutions to provide account and transaction data to tax authorities. This mechanism will combine fiat currency deposit and withdrawal data, on-chain analytics, and trading platform internal ledger data, significantly improving regulators' ability to track undeclared assets. Market analysts predict that with over 70 countries committing to CARF, relevant transaction data will be gradually collected starting in 2026, entering the first round of cross-border tax information exchange in 2027, and crypto asset tax compliance requirements may continue to tighten.
You May Also Like
GCC and India to sign terms for start of free trade talks
PEPE Holders Looking For The Next 100x Crypto Set Their Sights On Layer Brett Presale
