On October 10, 2022 the OECD has published the Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard (CRS). The OECD hereby responds to the rapidly growing market for crypto assets and the uncertainties as to whether crypto assets are covered by the CRS or not.
The OECD thus aims to mitigate existing tax compliance risks related to crypto assets, in particular that new intermediaries such as crypto exchanges or wallet providers will also be held accountable.
Specifically, the CARF includes rules that are divided into the following four sections:
- Obligations of Reporting Crypto-Asset Service Providers
- Reporting requirements
- Due diligence procedures
- Defined terms
A coordinated timetable for implementation does not yet exist and will be agreed at a later date.
If you have any questions or need assistance, please do not hesitate to contact CA Crypto Advisory AG.