Australia has begun consultations on the implementation of an international cryptocurrency reporting framework proposed by the Organisation for Economic Co-operation and Development (OECD) to enhance tax transparency. This was reported by the Australian Treasury.
The Australian Treasury is considering two options for implementation: full adoption of the OECD's Crypto-Asset Reporting Framework (CARF) or adaptation of the standards to meet the needs of the Australian Taxation Office (ATO).
CARF requires cryptocurrency exchanges and wallets to report transaction information to tax authorities, such as purchases of digital assets. The requirements are expected to take effect from 2026, with data exchange between countries starting in 2027.
Other countries, including Canada, Switzerland, and New Zealand, are also working on integrating CARF into their tax laws. The goal of the initiative is to enhance transparency and combat tax evasion in the cryptocurrency sector.
