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