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Crypto-Asset Reporting Framework of OECD
October 23 , 2022
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- OECD has announced a new Crypto-Asset Reporting Framework (CARF).
- The OECD framework provides for reporting and exchange of information regarding crypto-assets.
- The frame work will be presented to G20 Ministers and Central Bank governors.
- The crypto-assets are not comprehensively covered by the G20 Common Reporting Standard (CRS) and increases risk of tax evasion.
- Crypto-assets can be transferred and held without any central administrator having full visibility on the transactions/holdings.
- The crypto market has also given rise to crypto-asset exchanges and wallet providers many of which are unregulated.
- The framework contains model rules that can be transposed into domestic legislation.
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