G20 Moves Forward with Global Crypto Framework
BITmarkets Team
Sep 11, 2023
The leaders of the world's 20 largest economies, known as the G20, are pushing for the rapid implementation of a cross-border framework for crypto assets.
Local sources in New Delhi, where members of the organization are attending a two-day summit, report that the framework will ease information exchange between countries beginning in 2027.
According to a consensus declaration signed by G20 leaders:
“We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions.”
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, among others, would be affected by the upcoming framework. A G20 country is home to two-thirds of the world's population.
The Organization for Economic Cooperation and Development first introduced the Crypto-Asset Reporting Framework in October 2022.
The paper was created to provide tax authorities with more information about crypto transactions and the people behind them.
Sources:
https://cointelegraph.com/news/g20-moves-forward-international-crypto-framework
