G20 Leaders Call for Swift Implementation of Global Crypto Asset Framework
Summary:
G20 leaders are advocating for the swift implementation of a global framework for crypto assets, called the Crypto-Asset Reporting Framework (CARF). The framework aims to enhance information exchange between countries starting in 2027. The CARF was introduced by the OECD in 2022 to provide tax authorities with better visibility into crypto transactions. The framework would enable automatic information sharing on crypto transactions between jurisdictions and has already been endorsed by the G20 leaders. Additionally, the leaders have supported the FSB's recommendations for regulating crypto-assets and stablecoins, which include imposing similar standards as those imposed on commercial banks.
G20 leaders at a summit in New Delhi are calling for the quick implementation of a global framework for crypto assets. The framework, known as the Crypto-Asset Reporting Framework (CARF), is expected to facilitate the exchange of information between countries starting in 2027. The leaders have asked the Global Forum on Transparency and Exchange of Information for Tax Purposes to establish a coordinated timeline for the exchanges. This framework will impact countries such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. The CARF was originally introduced by the Organization for Economic Cooperation and Development (OECD) in October 2022 to provide tax authorities with greater visibility into crypto transactions. It aims to enable automatic information exchange on crypto transactions annually, including those on unregulated exchanges and wallets. Many countries have already implemented new disclosure standards for crypto transactions, with the European Union approving updated rules in May that align with the CARF. The G20 leaders have also endorsed recommendations from the Financial Stability Board (FSB) regarding the regulation and oversight of crypto-assets activities and markets, including stablecoins. These recommendations call for similar standards for stablecoins as those imposed on commercial banks, and urge regulators to prevent activities that hinder the identification of involved participants.
Published At
9/9/2023 5:09:31 PM
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