OECD Cryptocurrency Tax Reporting Framework (CARF) Officially Launched, Covering 48 Jurisdictions

On January 5, the Crypto-Asset Reporting Framework (CARF)—developed under the Organisation for Economic Co-operation and Development (OECD)—officially went into effect on January 1, 2026, initially covering 48 countries and jurisdictions. Under the framework, Crypto-Asset Service Providers (CASPs) must disclose user transaction details to tax authorities and submit annual reports covering transactions, exchanges, asset transfers, and other activities. The goal is to boost global tax transparency and improve cross-border data sharing. CARF aims to fill regulatory gaps in digital assets left by the existing Common Reporting Standard (CRS). Member countries plan to launch regular information exchanges starting in 2027. First participants include all EU member states, the U.K., Brazil, and the Cayman Islands. Australia, Canada, Singapore, Switzerland, and the UAE are expected to join in 2028, while the U.S. plans to enter the system in 2029. The OECD noted the framework will bring crypto assets under tax regulatory standards on par with traditional finance, significantly curbing tax avoidance using digital assets.