๐จ BREAKING:
๐ What's Happening?
๐ The G20 countries, representing the 20 biggest economies, are advancing a framework for global crypto assets.
๐ When Does This Start?
๐ By 2027, countries will start exchanging information under this framework.
What Does this Framework Mean?
Crypto-Asset Reporting Framework (CARF):
๐ Provides visibility into crypto transactions and their participants.
Amendments to CRS (Common Reporting Standard):
๐ A call for improved and standardized reporting.
๐ Who's Involved?
Countries like the USA, UK, China, India, and more - covering two-thirds of the global population.
๐ How It Works
1๏ธโฃ Annual Info Exchange:
๐ Countries will share data on #crypto transactions yearly.
2๏ธโฃ Scope:
๐ This will cover transactions on unregulated exchanges and wallet providers.
๐ฅ Information Shared
โถ๏ธ For each #crypto transaction:
๐ Beneficiary name
๐ Beneficiary's digital ledger address
๐ Beneficiary's account number
๐ช๐บ EU's Role
๐ In May, the European Union updated rules to align with the CARF, ensuring automatic data sharing between European nations.
๐ฆ Stablecoins Regulation
๐ Recommendations are made to treat stablecoins similarly to commercial banks.
๐ This includes ensuring all participants in transactions can be identified.
From KEYUR ROHIT
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Takeaway
๐ The G20 is taking significant steps to increase transparency and regulation in the crypto market.
๐ This is a major move towards global #crypto standardization.