According to Law360, Fifty-eight tax jurisdictions have pledged to implement the Organization for Economic Cooperation and Development's crypto-asset information exchange system by 2027, the OECD said Thursday.
Members of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes are in position for "rapid implementation" of the crypto-asset reporting framework, or CARF, the forum said in a report. The framework has the potential to bring substantial tax benefits by ensuring taxpayers are properly declaring their holdings of cryptocurrency and other digital assets, the report said.
The report was created for finance ministers and central bank governors of the Group of 20 nations, who are meeting in Brazil through Friday, the forum said.
The Global Forum's CARF group is using the rollout of the common reporting standard, the OECD's broader global information exchange model, as a guide for the implementation of the CARF, the report said. For example, it borrowed the common timeline principle, which aims to have jurisdictions committed to establishing the standards by a certain date.
Ten of the jurisdictions that have agreed to implement the CARF are developing nations, the report said.
The CARF group is aiming to identify and engage with all potentially relevant jurisdictions in advance of the 2024 Global Forum plenary meeting, the report.
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