48 Countries to Adopt OECD Crypto Tax Standards by 2027

The OECD, led by Secretary-General Mathias Cormann, announced that 48 countries plan to adopt a global tax transparency standard for crypto-assets by 2027. This initiative is part of the Crypto-Asset Reporting Framework (CARF), developed under a G20 mandate, to combat tax evasion through enhanced transparency and information exchange. CARF facilitates automatic exchange of tax-relevant data on crypto-assets, reflecting the increasing use of these assets in various financial and investment contexts. The framework addresses challenges posed by the nature of crypto-assets, which can be transferred and held outside traditional financial systems and lack centralized oversight. The Global Forum on Transparency and Exchange of Information for Tax Purposes, with 168 member jurisdictions, is tasked to ensure the widespread implementation of CARF. The progress on crypto-asset reporting will be further discussed at the Global Forum's 16th Plenary Meeting in Lisbon in November 2023.