Numerous Countries Agree to Implement OECD-Developed Cryptocurrency Tax Rules

According to BlockBeats, on June 14, several countries including the United States, Japan, and the United Kingdom have signed a joint declaration agreeing to implement a set of cryptocurrency tax rules developed by the Organisation for Economic Co-operation and Development (OECD). The rules are known as the Cryptocurrency Asset Reporting Framework (CARF). The joint declaration indicates that the signatory countries will expedite the process of transforming the CARF into domestic law and initiate exchange agreements in a timely manner, with the aim of starting exchanges by 2027.

The report further highlights that the Cryptocurrency Asset Reporting Framework (CARF) is expected to be launched in 2027. It will be used for information sharing as part of these countries' efforts to combat tax evasion using digital assets. The implementation of these rules will ensure a more regulated and transparent environment for cryptocurrency transactions, thereby reducing the potential for tax evasion.