International Joint Statement on the Crypto-Asset Reporting Framework

On November 10, 2023, various nations, including – among others – Germany, Switzerland, Italy, Singapore, the U.S., and the UK, have published a joint statement in which they commit to the implementation of the „Crypto-Asset Reporting Framework“ (CARF), an international standard for the automatic exchange of information between tax authorities on financial transactions involving digital assets, including crypto-assets. The framework was developed by the OECD and aims to enhance (tax) transparency to prevent tax evasion, money laundering, and the financing of terrorism.
All signing nations thereby confirm their intention to swiftly transpose the CARF into domestic law and set up and activate necessary exchange agreements by 2027, so that the exchange of relevant tax information can begin at that time. Additionally, they plan to align with amendments to the reporting standard (e.g. as made earlier this year) to ensure a consistent and smooth implementation across participating nations. Finally, all signing nations encourage other countries to join their efforts to prevent tax invasion.