OECD Crypto Asset Tax Reporting Framework CARF Officially Takes Effect, Covering 48 Jurisdictions

Odaily Planet Daily reports that the Crypto-Asset Reporting Framework (CARF), led by the Organisation for Economic Co-operation and Development (OECD), officially came into effect on January 1, 2026, covering the first batch of 48 countries and regions. The framework requires crypto-asset service providers (CASPs) to disclose user transaction information to tax authorities and submit annual reporting, covering transactions, exchanges, and asset transfers, to promote global tax transparency and strengthen cross-border data exchange. According to reports, CARF aims to fill the regulatory gaps in digital assets left by the existing Common Reporting Standard (CRS) and plans to initiate regular information exchange among member countries starting in 2027. The entire European Union, the UK, Brazil, the Cayman Islands, and other regions will participate first, with Australia, Canada, Singapore, Switzerland, the UAE, and other countries expected to join in 2028. The United States plans to integrate into the system by 2029. The OECD stated that this framework will bring crypto assets under tax supervision standards comparable to traditional financial systems, significantly reducing the space for tax evasion through crypto assets. (Crowdfund Insider)