48 Jurisdictions Begin Crypto Tax Compliance Data Collection Under CARF
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Global Compliance Framework Launch: Under the OECD's Crypto-Asset Reporting Framework (CARF), 48 jurisdictions have begun collecting user transaction data, with full implementation expected by 2027, aimed at enhancing tax transparency and reducing evasion.
- Legal Framework Development: Participating countries must translate CARF requirements into domestic law, including due diligence obligations and reporting standards, with over 50 countries expected to be ready by 2027, thereby strengthening global tax compliance capabilities.
- UK Tax Regulation Update: The UK government mandates all crypto buyers to provide account information to tax authorities starting this Thursday, which is expected to uncover tens of millions of pounds in unpaid taxes, significantly enhancing tax compliance.
- Market Impact Assessment: With CARF's implementation, high-net-worth crypto investors will face stricter tax scrutiny, potentially altering trading behaviors and impacting investors' tax strategies and market liquidity.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
