OECD Develops New Global Crypto Asset Reporting Framework
Created By Jyotish
The OECD has established a new worldwide framework for tax transparency that will allow for the reporting and exchange of information on crypto assets.
The name of this new framework is Crypto-Asset Reporting Framework (CARF)
It was established after a G20 Request
The CARF is made up of guidelines and commentary under which comes:
i) The scope of Crypto-Assets to be covered
ii) The Entities and individuals subject to data collection and reporting requirement
iii) The transactions subject to reporting, as well as the information to be reported in respect of such transactions;
iv) Procedures to identify Crypto-Asset Users and Controlling Persons, and to determine the relevant tax jurisdictions