Decision on crypto assets from 48 countries

Forty-eight countries and jurisdictions, including the United Kingdom, the United States, Canada, Australia, Germany, Japan, Singapore, and South Africa, have announced that they aim to implement the Organization for Economic Co-operation and Development’s (OECD) global tax transparency framework for reporting and exchanging information on crypto assets by 2027. In a joint statement from the relevant public institutions of the countries, it was stated that the new international standard developed by the OECD, the Crypto Asset Reporting Framework (CARF), was welcomed in order to keep pace with the rapid development and growth of the crypto asset market and to protect the gains in global tax transparency. It was noted in the statement that the widespread, consistent, and timely implementation of CARF would further improve tax compliance and the ability of countries to prevent tax evasion, and that the necessary legal and coordinated work would be carried out for the implementation of CARF by 2027. The statement included the following statement: “As signatories to the common reporting standard, we will implement these standards in accordance with this timeline and subject to applicable national legislative procedures.” OECD Secretary-General Mathias Cormann, in a statement regarding the decision, welcomed the announcement that 48 countries and jurisdictions intend to implement the OECD’s global tax transparency framework for reporting and exchanging information on crypto assets by 2027. Cormann, who stated that today’s decision is an important step forward, said: “It also marks another important milestone for a widespread and coordinated approach to combating tax evasion through greater transparency and information exchange. We welcome the broad support for swift action to make international exchange of information collected under the OECD standard on reporting on crypto assets a reality. The international community can look to the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes to ensure that the tax transparency architecture remains relevant and effective going forward.” The 48 countries and jurisdictions in question are: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, South Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom and the United States, the Crown Dependencies of Guernsey and Jersey and the Isle of Man and the British Overseas Territories of the Cayman Islands and Gibraltar.