Crypto Regulation News Weekly Digest: Major Nations Commit to Crypto Tax Reporting Standard and EU Issues Draft Stablecoin Guidelines
Last week brought several noteworthy developments in the evolving crypto regulation scene across the globe.
Major nations made efforts towards standardized tax reporting frameworks for digital assets, while authorities in Europe and Asia took proactive measures to govern stablecoins and exchanges.
Conflicting stances on crypto oversight also surfaced within American policymaking circles. As regulations continue to shape the infrastructure underpinning cryptocurrencies, some common themes are appearing—primarily the push for transparency, accountability, and consumer protection within this fast-moving ecosystem.
In a landmark collaborative effort, 48 nations have pledged commitment to implementing the Crypto-Asset Reporting Framework (CARF), developed by the OECD to enable automatic information exchange between tax authorities regarding cryptocurrency transactions.
Major participants include the US, UK, Brazil, Canada, Singapore, and Japan, representing over 90% of the global GDP. CARF seeks to curb tax evasion and increase compliance through standardized reporting rules.
The UK has announced an agreement with 48 countries to jointly fight against criminal use of crypto assets for tax evasion. The Crypto-Asset Reporting Framework will require crypto platforms to share taxpayer information with authorities.https://t.co/6LtQ5UlIDt
— Irene Kenyon (@IreneKenyon4) November 13, 2023
While not legally binding yet, CARF represents a critical step towards establishing unified global tax transparency standards for crypto assets, similar to the EU’s DAC8 framework.
By synchronizing tax reporting across jurisdictions, CARF could make it harder for taxpayers to conceal holdings or skirt obligations. It compels crypto exchanges to collect
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