47 countries have committed to implementing a framework for reporting cryptocurrency assets by 2027.

BlockBeats news, November 10th - According to Cointelegraph, on November 10th, 47 governments from around the world issued a joint statement announcing the inclusion of the Crypto Asset Reporting Framework (CARF) into their domestic legal systems. This new international standard enables automatic exchange of information between tax authorities. The CARF framework was released by the OECD in 2022. It was developed under authorization from the G20 in April 2021, which required reporting of cryptocurrency and digital asset transactions, whether through intermediaries or service providers. The plan is to launch exchange agreements by 2027 to facilitate information exchange. The widespread, consistent, and timely implementation of CARF will further enhance the ability to ensure tax compliance and combat tax evasion, reducing public revenue and increasing the burden on taxpayers. The list of 47 countries includes all 38 member countries of the OECD, as well as some traditional financial offshore centers such as the British overseas territories of the Cayman Islands and Gibraltar.