A new Cayman crypto reporting framework is to be
implemented by 2027
A joint statement by 48 countries on 10 November 2023 announced
that they will be committing to implement the OECD crypto asset
reporting framework ("CARF") by
2027.
The CARF rules outline the scope of covered crypto assets,
entities, and individuals subject to reporting and data collection
requirements, transaction reporting criteria, due diligence
procedures and relevant tax jurisdictions for exchange of
information and reporting.
The OECD said in a CARF report that the framework was needed
because "the current scope of assets, as well as the scope
of obliged entities, covered by the Common Reporting Standard
(CRS), current standards, do not provide tax administrations with
adequate visibility on when taxpayers engage in tax-relevant
transactions in, or hold, relevant crypto assets."
