The Crypto-Asset Reporting Framework And Its Implications For The Cayman Islands

The Crypto-Asset Reporting Framework ("CARF") is an international tax transparency standard developed by the Organisation for Economic Co-operation and Development ("OECD"). Introduced as an extension of the existing Common Reporting Standard ("CRS") for financial accounts, CARF requires the automatic exchange of information on crypto-asset transactions between participating jurisdictions. It targets the perceived visibility gap that previously allowed crypto transactions to occur largely outside traditional financial reporting systems.