🚨 BREAKING:

🌐 What's Happening?

👉 The G20 countries, representing the 20 biggest economies, are advancing a framework for global crypto assets.

📆 When Does This Start?

👉 By 2027, countries will start exchanging information under this framework.

What Does this Framework Mean?

  • Crypto-Asset Reporting Framework (CARF):

👉 Provides visibility into crypto transactions and their participants.

  • Amendments to CRS (Common Reporting Standard):

👉 A call for improved and standardized reporting.

🔗 Who's Involved?

Countries like the USA, UK, China, India, and more - covering two-thirds of the global population.

🔄 How It Works

1️⃣ Annual Info Exchange:

👉 Countries will share data on #crypto transactions yearly.

2️⃣ Scope:

👉 This will cover transactions on unregulated exchanges and wallet providers.

👥 Information Shared

▶️ For each #crypto transaction:

👉 Beneficiary name

👉 Beneficiary's digital ledger address

👉 Beneficiary's account number

🇪🇺 EU's Role

👉 In May, the European Union updated rules to align with the CARF, ensuring automatic data sharing between European nations.

  • 🏦 Stablecoins Regulation

👉 Recommendations are made to treat stablecoins similarly to commercial banks.

👉 This includes ensuring all participants in transactions can be identified.

From KEYUR ROHIT

Don’t forget to like share and Repost

#crypto

Takeaway

👉 The G20 is taking significant steps to increase transparency and regulation in the crypto market.

👉 This is a major move towards global #crypto standardization.