{"id":98752,"date":"2023-11-11T19:56:56","date_gmt":"2023-11-11T19:56:56","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/coalition-of-48-countries-to-adopt-crypto-asset-reporting-framework-by-2027"},"modified":"2023-11-11T20:54:16","modified_gmt":"2023-11-11T20:54:16","slug":"coalition-of-48-countries-to-adopt-crypto-asset-reporting-framework-by-2027","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/coalition-of-48-countries-to-adopt-crypto-asset-reporting-framework-by-2027","title":{"rendered":"Coalition of 48 countries to adopt crypto-asset reporting framework by 2027"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>A coalition of 48 countries is planning to adopt a crypto-asset reporting framework, known as CARF, by 2027, the Organisation for Economic Co-operation and Development (OECD) said Friday.<\/p>\n

“The CARF, developed in light of the rapid growth of the Crypto-Asset market and pursuant to a mandate from the G20, provides for the reporting of tax information on transactions in Crypto-Assets in a standardised manner, with a view to automatically exchanging such information with the jurisdictions of residence of taxpayers on an annual basis,” OECD said in a report.<\/p>\n

The framework includes the scope of crypto-assets to be covered, entities and individuals subject to data collection and reporting requirements, the transactions subject to reporting, and the due diligence procedures to identify crypto-asset users, while it aims to determine the tax jurisdictions for reporting and exchange purposes.<\/p>\n

OECD Secretary-General Mathias Cormann, welcomed the pledge by 48 countries to implement the global tax transparency standard for crypto-assets by 2027.<\/p>\n

“Today\u2019s announcement of co\u2010ordinated international action on crypto-assets is a major step forward, marking another important milestone towards the widespread and co-ordinated approach to combat tax evasion through greater transparency and exchange of information,” he said in a statement. “We strongly welcome the extensive support being shown for quick action to make the international exchange of information collected under the OECD standard on crypto-asset reporting a reality.”<\/p>\n

Some members of the coalition include the US, Canada, UK, Australia, Germany, Japan, Singapore and South Africa.<\/p>\n

Bitcoin saw its price climbing above $37,000 on Thursday for the first time in 18 months on optimism about regulatory approvals and growing interest of investors.<\/p>\n

The total value of the crypto market was up 2.5% to $1.42 trillion on Friday, according to data from the digital asset price-tracking website CoinMarketCap.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. A coalition of 48 countries is planning to adopt a crypto-asset reporting framework, known as CARF, by 2027, the Organisation for Economic Co-operation and Development (OECD) said Friday. “The CARF, developed in light of the rapid growth of the Crypto-Asset market and pursuant to a mandate from the G20, provides for the […]<\/p>\n","protected":false},"author":84,"featured_media":98751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,11081,8013,11082,711],"class_list":["post-98752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-crypto-asset-reporting-framework-carf","tag-cryptocurrencies","tag-organisation-for-economic-co-operation-and-development-oecd","tag-tanzania"],"yoast_head":"\nCoalition of 48 countries to adopt crypto-asset reporting framework by 2027 - 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