News - 47 countries reach tax agreement on crypto

By Ted Maas

47 countries reach tax agreement on crypto

Laws and regulations

Tax loopholes in the crypto sector must be closed. The "Crypto-Asset Reporting Framework" should be implemented around 2027.

47 countries, including the Netherlands, have published a joint statement on the implementation of an international system specifically aimed at tracking crypto transactions. The "Crypto-Asset Reporting Framework" should provide a global "automatic exchange of information" which "does not provide opportunities for tax evasion", the statement said.

As a result, crypto providers are required to collect and transmit transaction data of their users to the tax authorities. This is intended to prevent tax fraud, money laundering and terrorist financing.

"To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent successes in global tax transparency are not gradually undermined, we welcome the new international standard for the automatic exchange of information between tax authorities developed by the OECD - the Crypto-Asset Reporting Framework (CARF)." according to the joint statement.

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