G20 Leaders Call for Swift Implementation of Cross-Border Crypto Asset Reporting Framework
Leaders of the G20 summit in New Delhi call for the swift implementation of a cross-border framework for crypto assets. The framework aims to facilitate information exchange between countries starting in 2027.
Posted 10 months ago in Blockchain
The leaders of the 20 biggest economies, known as G20, are urging the speedy implementation of a cross-border framework for crypto assets. The framework aims to facilitate information exchange between countries starting in 2027, as outlined in a consensus declaration signed by G20 leaders during a summit in New Delhi. The proposed framework, called the Crypto-Asset Reporting Framework (CARF), was introduced by the Organization for Economic Cooperation and Development in October 2022. Its purpose is to provide tax authorities with greater visibility into crypto transactions and the individuals involved.
Under the CARF, countries will automatically exchange information on crypto transactions annually, including those made on unregulated exchanges and wallet providers. This move will impact multiple countries, such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union, which together represent two-thirds of the world's population.
The European Union has already approved updated rules to comply with the CARF, enforcing automatic information sharing for tax purposes between European governments. These rules require the transfer of digital assets to be accompanied by the beneficiary's name, distributed ledger address, and account number.
In addition to the CARF, the G20 leaders have endorsed recommendations from the Financial Stability Board (FSB) regarding the regulation, supervision, and oversight of crypto-assets activities and global stablecoin arrangements. The FSB's recommendations, published in July, advocate for similar standards for stablecoins as commercial banks and urge regulators to prevent any activities that hinder participant identification.
Last updated 9/9/2023, 2:08:58 PM
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